Division and apportionment of property etc.E+W+S
1(1)This paragraph applies where the transfer is or includes a transfer of all property, rights and liabilities comprised in a specified part of the Port Authority’s undertaking, but shall not apply to any such rights or obligations under a contract of employment.E+W+S
(2)Any property, right or liability held or subsisting—
(a)partly for the purpose of a part of the Port Authority’s undertaking which is transferred; and
(b)partly for the purpose of a part of that undertaking which is retained by the Port Authority;
shall, where the nature of the property, right or liability permits, be divided or apportioned between the Port Authority and the company in such proportions as may be appropriate.
(3)Where any estate or interest in land falls to be so divided—
(a)any rent payable under a lease in respect of that estate or interest; and
(b)any rent charged on that estate or interest;
shall be correspondingly divided or apportioned so that the one part is payable in respect of, or charged on, only one part of the estate or interest and the other part is payable in respect of, or charged on, only the other part of the estate or interest.
(4)Any property, right or liability held or subsisting as mentioned in sub-paragraph (2) above the nature of which does not permit its division or apportionment as so mentioned shall be transferred to the company or retained by the Port Authority according to which of them appear at the transfer date likely to make use of the property or (as the case may be) to be affected by the right or liability to the greater extent, subject to such arrangements for the protection of the other of them as may be agreed between them.