Article 2 Transfer of property, etc.
On the transfer date —
all interests of the Residuary Body in land which is the subject of an agreement for its disposal or option for its purchase shall vest in Wakefield; and
subject to paragraph (2), all interests of the Residuary Body in any other land shall vest in the local council.
The offices of the Residuary Body at Pearl Assurance House, Queen Street, Wakefield shall not transfer under paragraph (1) (b) above.
Subject to paragraph (4), all rights and liabilities of the Residuary Body acquired or incurred in connection with, and all records relating exclusively to, land or interests in land transferred by paragraph (1) shall vest in the council to which it is so transferred.
Where prior to the transfer date the Residuary Body has disposed of any land subject to a covenant that the Residuary Body shall receive a proportion of any subsequent increased development value, the benefit of that covenant shall vest in Wakefield.
Any right of the Residuary Body to receive grants (other than block grant) or subsidies from the Exchequer or from the European Commission shall vest in Wakefield.
Any liability of the Residuary Body to repay such grants or subsidies as are mentioned in paragraph (5) shall vest in Wakefield, except where the liability to repay is associated with land which is by paragraph (1)(b) transferred to another local council in which case the liability to repay shall vest in that other local council.
In each financial year commencing with the financial year beginning 1st April 1990 Wakefield shall pay to each of the other local councils the appropriate proportion of
an amount equal to Wakefield’s net revenue receipts from any land or interest vested by paragraphs (1)(a), or (4);
an amount equal to Wakefield’s net capital receipts in respect of any interest so vested or the disposal of any such interest or of any land so vested; and
an amount equal to Wakefield’s net grant and subsidy.
In the preceding paragraph —
“net revenue receipts” means revenue receipts in the year in question after deducting the aggregate amount of expenditure incurred by Wakefield in that year in connection with interests vested by paragraph (1) or (4);
“net capital receipts” means capital receipts in the year in question after deducting any amount by which net revenue receipts are a negative amount; and
“net grant and subsidy” means all grants and subsidies received by Wakefield by virtue of paragraph (5) in the year in question, less any amount repaid by Wakefield under paragraph (6) in that year.
The balance of the net capital and revenue receipts and of the net grant or subsidy shall be retained by Wakefield.