Transport (London) Act 1969

Division or apportionment of certain property, etc.

1 It shall be the duty of the Executive, the Bus Company and the designated company to arrive, whether before or after the vesting date, and so far as practicable, at such written agreements with respect to any property, rights and liabilities transferred under section 16 of this Act, not being rights and liabilities under an agreement for the rendering of personal services, and to execute such other instruments, as are necessary or expedient—

(a) to make, as from the vesting date or as from such later date as may be specified in the relevant agreement, any clarifications or modifications of the division of the London Board's undertaking effected by the said section 16 which they consider will best serve the proper discharge of their respective functions ; or

(b) to divide or apportion between the Executive and the designated company in such proportions as may be appropriate any such property, rights and liabilities so transferred to one of them which immediately before the vesting date was property held, or a right or liability subsisting, partly for the purposes of the activities of the part of the London Board's undertaking referred to in subsection (2) of the said section 16 and partly for other purposes of the London Board ; or

(c) in the case of any such property, rights and liabilities as are mentioned in sub-paragraph (b) of this paragraph the nature of which does not permit such division or apportionment, to afford to the Executive, the designated company and the Bus Company as against one another such rights and safeguards as they may require for the proper discharge of their respective functions.

2 Any such agreement as is referred to in paragraph 1 of this Schedule shall make provision so far as it is expedient—

(a) for the granting of leases or the creation of other rights and liabilities over land whether amounting in law to interests in land or not, and whether involving the surrender of any existing interest or the creation of a new interest or not;

(b) for the granting of indemnities in connection with the severance of leases and other matters ;

(c) for responsibility for registration of any matter in any description of statutory register.

3 If the Executive or the Bus Company represent to the Minister, or if it appears to the Minister without such a representation, that it is unlikely in the case of any matter on which agreement is required under paragraph 1 of this Schedule that such agreement will be reached, the Minister may, whether before or after the vesting date, give a direction determining the manner in which the property, rights or liabilities in question are to be divided or apportioned between the Executive and the designated company, and may include in the direction any provision which might have been included in an agreement under the said paragraph 1 ; and any property rights or liabilities required by the direction to be transferred from one to another of the Executive and the designated company shall be regarded as having been transferred to, and by virtue of this Act vested in, the transferee accordingly.