138Winding up and dissolution of Nature Conservancy Council
(1)On the date appointed under section 131(3) above the chairman and other members of the Nature Conservancy Council shall cease to hold office and after that date—
(a)the Council shall consist only of a chairman appointed by the Secretary of State and such one or more other persons as may be so appointed; and
(b)the Council shall have only the following functions, namely—
(i)anything which falls to be done by the Council under any transfer scheme under section 135 above;
(ii)the preparation of such accounts and reports as the Secretary of State may direct;
and such other functions as are necessary for winding up their affairs.
(2)The Secretary of State may, by order, after consultation with the Nature Conservancy Council and the Councils, dissolve the Nature Conservancy Council on a day specified in the order as soon as he is satisfied that nothing remains to be done by that Council.
(3)The Secretary of State may pay to persons who cease to hold office by virtue of subsection (1) above such sums by way of compensation for loss of office, or loss or diminution of pension rights, as the Secretary of State may, with the approval of the Treasury, determine.