4 Colliery welfare trusts and agreements.E+W+S
(1)Subject to the provisions of this Act, all colliery welfare trusts shall be determined on the appointed day, and there shall be transferred to the Board on that day:—
(a)all property which immediately before that day is held by trustees upon such trusts or by a management committee constituted thereunder;
(b)all rights, liabilities and obligations to which such trustees or any such management committee are entitled or subject immediately before that day, being rights, liabilities or obligations acquired or incurred for the purposes of the trusts or of managing or carrying on any property subject thereto or any undertaking established thereunder and not extinguished by virtue of the determination of the trusts.
(2)The provisions of subsection (1) of this section shall apply in relation to any colliery welfare agreement, being an agreement made or having effect as if made between the Commission and the Board, whether with or without other parties, as they apply in relation to colliery welfare trusts, and as if references to trustees and to property held by trustees upon such trusts included references to the Commission and to property vested in the Commission under any such agreement; and all other colliery welfare property vested in the Commission immediately before the appointed day, and all other rights, liabilities, obligations and functions of the Commission in respect of colliery welfare property or under any colliery welfare agreement shall be transferred to the Board on the appointed day.
(3)In this Act “colliery welfare trusts” means trusts of property consisting—
(a)of colliery welfare property only; or
(b)of colliery welfare property and other property where the value of the colliery welfare property substantially exceeds the value of that other property;
and “colliery welfare agreement” means an agreement made or having effect as if made between the Commission and any other party in respect of such property as aforesaid.
(4)Nothing in this section shall be construed as affecting any trust or agreement so far as it relates to property representing an application of moneys standing to the credit of the miners’ welfare fund, not being colliery welfare property, or any rights, liabilities or functions in respect of such property; and no account shall be taken of such property for the purposes of subsection (3) of this section.