Article 3 Transfer of contracts and agreements

(1)

All rights and liabilities held by the Corporation under the contracts and agreements specified in Columns 1 to 3 of Schedule 2 are transferred to the person specified in Column 4 of that Schedule.

(2)

Any rights and liabilities under contracts and agreements which are—

(a)

held by the Corporation immediately before the commencement date, and

(b)

not transferred by virtue of paragraph 1 or article 2,

are transferred to the Borough Council.

(3)

Paragraph (2) does not apply to any rights and liabilities which are—

(a)

specified in the retained list; or

(b)

held by the Corporation in relation to a contract of employment or a pension scheme.