Article 6 Transfer of rights and liabilities

On the transfer date all rights and liabilities of the Residuary Body which are not transferred by the preceding provisions of this Order shall vest in South Tyneside; but shall be held for the benefit of, or discharged on behalf of, all the local councils.

Liabilities in respect of money borrowed by the Residuary Body (both as respects principal and interest) transferred by paragraph (1) shall be charged on the revenues of South Tyneside.