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(1)This section applies to property of the following descriptions, that is to say, industrial sites, factories and land used for industrial purposes which—
(a)is or are situated within the area for which the Board is responsible, and
(b)at the day appointed for this section to come into operation, is or are vested in the Welsh Development Agency;
and to all rights, obligations and liabilities arising out of the ownership or occupation of such property (in this section referred to as " related rights, obligations and liabilities").
(2)The Secretary of State may from time to time by order under this section transfer from the "Welsh Development Agency to the Board on such date as may be specified in the order such property to which this section applies together with such related rights, obligations and liabilities of the Agency at that date as may be specified in the order.
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