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2.—(1) Subject to paragraphs (3), (4) and (5) below, on the transfer date all interests, rights and liabilities of the LRB in the land specified in column (2) of Part I of Schedule 1 shall vest in the London borough council or body specified in column (1) of that Part.
(2) On the transfer date all interests, rights and liabilities of the LRB in the land specified in Part II of Schedule 1 shall vest in the London borough council in whose area such land is situated.
(3) The LRB shall remain entitled to any refund of rates payable in respect of any such land referred to in paragraph (1) above for any period prior to 1st April 1990 and may continue any appeal in respect of any assessment in respect of any such period.
(4) The vesting effected by paragraph (1) above of part of the site of the former Mayfield School, West Hill, SW15 shall include the rights in fee simple over that part of the site not transferred by this Order set out in Part I of Schedule 2 and shall except and reserve the rights in fee simple for the benefit of that part not so transferred set out in Part II of that Schedule.
(5) There is excepted and reserved from the vesting effected by paragraph (1) above of the Sacred Heart School, Este Road, SW 11 the rights in fee simple for the benefit of the LRB’s adjacent property known as Shillington Premises and Site, Este Road, SW 11 set out in Part III of Schedule 2.
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