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6.—(1) Subject to the preceding provisions of this Order, on the transfer date–
(a)all rights and liabilities of the Residuary Body relating to any function which by virtue of this Order becomes a function of the Pensions Authority shall vest in that Authority; and
(b)all remaining rights and liabilities of the Residuary Body shall vest in Rotherham; to be held for the benefit of, or discharged on behalf of, all the local councils.
(2) Liabilities in respect of money borrowed by the Residuary Body (both as respects principal and interest) transferred by paragraph (1)(b) shall be charged on the revenues of Rotherham.
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