2(1)It shall be the duty of the transferor and the Education Assets Board, whether before or after the transfer date, so far as practicable to arrive at such written agreements, and to execute such other instruments, as are necessary or expedient to identify or define the property, rights and liabilities transferred to the transferee or retained by the transferor or for making any such arrangements as are mentioned in paragraph 1(3) above and as will (in a case where the transferor is a local education authority)—
(a)afford to the transferor and the transferee as against one another such rights and safeguards as they may require for the proper discharge of their respective functions; and
(b)make as from such date, not being earlier than the transfer date, as may be specified in the agreement or instrument such clarifications and modifications of the effect of the provision of this Act under which the transfer is required on the property, rights and liabilities of the transferor as will best serve the proper discharge of the respective functions of the transferor and the transferee.
(2)Any such agreement shall provide so far as it is expedient—
(a)for the granting of leases and for the creation of other liabilities and rights 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.