136Transfer to Polytechnics and Colleges Funding Council of property and staff of NAB
(1)In this section “NAB” means the company limited by guarantee registered under the Companies Acts 1948 to 1983 under the name of the National Advisory Body for Public Sector Higher Education.
(2)Notwithstanding anything in the memorandum of association of NAB, if upon the winding up or dissolution of NAB any property remains after the satisfaction of all its debts and liabilities the property shall be transferred to, and by virtue of this Act vest in, the Polytechnics and Colleges Funding Council.
(3)The Secretary of State may by order designate persons employed by NAB for transfer under this section to the employment of the Polytechnics and Colleges Funding Council on such date as may be specified in the order.
(4)The contract of employment between NAB and any person so designated who, immediately before the date so specified, is employed by NAB shall have effect from that date as if originally made between the Polytechnics and Colleges Funding Council and that person.
(5)Without prejudice to subsection (4) above—
(a)all NAB’s rights, powers, duties and liabilities under or in connection with a contract to which that subsection applies shall by virtue of this section be transferred to that Council on the date so specified; and
(b)anything done before that date by or in relation to NAB in respect of that contract or the employee shall be deemed from that date to have been done by or in relation to that Council.
(6)Subsections (4) and (5) above are without prejudice to any right of an employee to terminate his contract of employment if a substantial change is made to his detriment in his working conditions, but no such right shall arise by reason only of the change in employer effected by this section.
(7)An order under this section may designate a person either individually or as a member of a class or description of employees.