(1)Any person who, immediately before the transfer date, holds office as chairman or other member of any of the existing bodies, that is to say, the Electricity Boards and the Electricity Council, shall cease to hold office on that date.
(2)Each existing body shall continue in existence after the transfer date until it is dissolved under subsection (4) below; and the period of any such body’s continued existence is referred to in this Act as its transitional period.
(3)During the transitional period of each existing body, the body—
(a)shall consist of a chairman appointed by the Secretary of State and such one or more other persons as may be so appointed; and
(b)shall prepare such statements of accounts as the Secretary of State may direct;
and a direction under this subsection may require the auditing of any such statements of accounts by such persons as may be specified in the direction.
(4)The Secretary of State may by order, after consulting the body concerned and its successor company or companies, dissolve any existing body on a day specified in the order, as soon as he is satisfied that nothing further remains to be done by that body (whether under Schedule 17 to this Act or otherwise).
(5)An order under subsection (4) above may provide—
(a)for the preparation by such persons as may be specified in the order of a statement of accounts for the period from the end of that dealt with in the last statement of accounts prepared under subsection (3) above by the body concerned down to the dissolution of that body; and
(b)for the auditing of any such statement of accounts by such persons as may be so specified;
and the Secretary of State may with the approval of the Treasury pay to any person on whom duties are imposed by such an order such remuneration, and such travelling and other allowances, as the Secretary of State with the approval of the Treasury may determine.
(6)Any sums required by the Secretary of State for making payments under subsection (5) above shall be paid out of money provided by Parliament.