18(1)Except as respects any of its functions for the discharge of which provision will be required, or is likely to be required, after the end of the transitional period, the Residuary Body shall use its best endeavours to secure that its work is completed as soon as practicable and in any event by the end of the transitional period.
(2)In this paragraph “the transitional period” means the period of five years beginning with the establishment of the Residuary Body.
(3)Subject to sub-paragraph (4), the Residuary Body shall be wound up at the end of the transitional period.
(4)The Secretary of State may by order provide for sub-paragraph (3) to have effect with the substitution for the transitional period of such longer period as may be specified in the order.
(5)The Residuary Body shall—
(a)not later than the end of the period of four years beginning with its establishment, or
(b)where it proposes to complete its work before the end of the transitional period, not later than one year before the proposed date of completion, or
(c)where under sub-paragraph (4) the transitional period is extended, not later than one year before the end of the extended period,
submit to the Secretary of State a scheme for winding it up and disposing of its remaining functions, property, rights and liabilities.
(6)The Residuary Body shall as respects—
(a)any of its functions for the discharge of which provision will be or is likely to be required after the end of the transitional period,
(b)any property held by it for the purposes of any such functions, and
(c)any of its rights or liabilities which will or are likely to subsist beyond its being wound up,
make such arrangements as are practicable for their transfer to another body or bodies or submit proposals to the Secretary of State for effecting such transfers by orders made by him in that behalf.
(7)The Secretary of State may by order provide—
(a)for any such transfer or disposal as is mentioned in sub-paragraph (5) or (6), whether as proposed by the Residuary Body or as modified by the Secretary of State; and
(b)for giving effect (with or without modifications) to any scheme submitted to him under sub-paragraph (5).
(8)In making any supplemental or transitional provision in an order under sub-paragraph (7), the Secretary of State may include provision amending any enactment or any instrument made under any enactment.