(1)The Crown Agents shall continue in existence after the appointed day for the purpose of performing the functions conferred on them by sections 9 and 10 (vesting of foreign property, &c. and final reports and accounts).
The period of their continued existence after the appointed day is referred to below as “the transitional period”.
(2)During the transitional period—
(a)section 1(3) of the [1979 c. 43.] Crown Agents Act 1979 (constitution of the Crown Agents: number of members) shall have effect as if for “not less than six” there were substituted “not less than two”;
(b)at any time when there are only two members of the Crown Agents it shall not be incumbent upon the Secretary of State to appoint one of those members as deputy chairman; and
(c)no remuneration shall be payable to any member of the Crown Agents.
(3)Any expenses incurred by the Crown Agents during the transitional period shall be met by the successor company.
(4)Once the Secretary of State is satisfied that the functions of the Crown Agents under sections 9 and 10 below are substantially discharged, he may, after consulting the Crown Agents and the successor company, by order dissolve the Crown Agents on a day specified in the order.
(1)It shall be the duty of the Crown Agents and of the successor company to take, as and when during the transitional period the successor company considers appropriate, all such steps as may be requisite to secure that the vesting in the successor company by virtue of this Act of any foreign property, right or liability is effective under the relevant foreign law.
(2)Until the vesting in the successor company by virtue of this Act of any foreign property, right or liability is effective under the relevant foreign law, it shall be the duty of the Crown Agents during the transitional period to hold that property or right for the benefit of, or to discharge that liability on behalf of, the successor company.
(3)Nothing in subsections (1) and (2) shall be taken as prejudicing the effect under the law of the United Kingdom, or of any part of the United Kingdom, of the vesting in the successor company by virtue of this Act of any foreign property, right or liability.
(4)The Crown Agents shall have all such powers as may be requisite for the performance of their duties under this section; but—
(a)it shall be the duty of the successor company during the transitional period to act on behalf of the Crown Agents (so far as possible) in performing the duties imposed on the Crown Agents by this section, and
(b)any foreign property, rights and liabilities acquired or incurred by the Crown Agents during that period shall immediately become property, rights and liabilities of the successor company.
(5)References in this section to any foreign property, right or liability are to any property, right or liability as respects which any issue arising in any proceedings would have been determined (in accordance with the rules of private international law) by reference to the law of a country or territory outside the United Kingdom.
(1)Notwithstanding the repeal of section 11 of the [1979 c. 43.] Crown Agents Act 1979 (annual reports to the Secretary of State)—
(a)it shall continue to be the duty of the Crown Agents to make a report to the Secretary of State in accordance with that section in respect of each accounting year of the Crown Agents ending before the appointed day; and
(b)the Secretary of State shall lay a copy of any such report before each House of Parliament.
(2)Notwithstanding the repeal of section 22 of the [1979 c. 43.] Crown Agents Act 1979 (accounts of the Crown Agents and audit)—
(a)it shall continue to be the duty of the Crown Agents to prepare such statements of accounts as are mentioned in subsection (1) of that section in respect of each accounting year of the Crown Agents ending before the appointed day; and
(b)that section shall continue to apply during the transitional period in relation to those accounts and in relation also to the auditing of accounts kept in accordance with subsection (1) of that section in respect of each such accounting year.