Explanatory note

This Order transfers the property, rights and liabilities of the West Northamptonshire Development Corporation (“the Corporation”) to the specified local authorities and the Secretary of State.

Article 4 provides that any property, rights and liabilities of the Corporation which are not transferred elsewhere under the Order are transferred to the Secretary of State when the order comes into force, except for the matters listed in the retained list which are the property, rights and liabilities which the Corporation needs to discharge its remaining functions. The effect of Article 4(2) is to transfer all those matters and any other property, rights and liabilities remaining vested in the Corporation (including those held by the Corporation in relation to a contract of employment or a pension scheme) to the Secretary of State when the Corporation is dissolved.

It is proposed that the Corporation will be dissolved on 31st July 2014.