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(1)Subject to the provisions of this Act, on the appointed day for the purposes of this section (in this Act referred to as " the vesting date") all property, rights and liabilities of the London Board shall be transferred to, and by virtue of this Act vest in, the Executive.
(2)In the case of the following property, rights and liabilities of the London Board, that is to say—
(a)property which immediately before the vesting date was used or appropriated for use for the purposes of the part of the Board's undertaking commonly known as country buses and coaches and not for any other purposes of the Board ;
(b)property situated outside Greater London which immediately before that date was provided for the convenience or information both of passengers on road services forming part of the activities of the said part of the Board's undertaking and of passengers on other road services of the Board ;
(c)rights and liabilities subsisting immediately before that date for the purposes of the activities of the said part of the Board's undertaking,
subsection (1) of this section shall not apply but, subject to the provisions of this Act, the property, rights and liabilities in question shall on the vesting date be transferred to, and by virtue of this Act vest in, such company, being a wholly-owned subsidiary of the Bus Company, as the Bus Company may by notice published in the London Gazette designate for the purpose (hereafter in this Act referred to as " the designated company ").
(3)Schedule 2 to this Act shall apply to any transfer under this section, and subsections (1) and (2) of this section shall have effect subject to the provisions of that Schedule.
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