Article 2 Transfer of land

(1)

The interests in land held by the Corporation which are specified in Columns 1 and 2 of Schedule 1 are transferred to the person specified in Column 3 of that Schedule.

(2)

Any interest in land which is—

(a)

held by the Corporation immediately before the commencement date, and

(b)

not transferred by virtue of paragraph (1),

is transferred to the Borough Council.

(3)

Paragraph (2) does not apply to any interest in land specified in the retained list.

(4)

A transfer of an interest in land under this article includes all rights and liabilities which the Corporation has in relation to that land.

(5)

The rights and liabilities mentioned in paragraph (4) include (but are not limited to) any leases, tenancies, licences, agreements, planning agreements, infrastructure agreements, options to purchase, agreements for disposal, easements, wayleaves, development agreements, building contracts, appointments and encumbrances on title.