3.—(1) On the transfer date, any land which is described in column (1) of Part I of Schedule 1 to this Order and which is then vested in the Residuary Body shall:–
(a)in the case of the land described in paragraph 1 of the said Part I, vest in Carmarthenshire County Council; and
(b)in the case of the land described in paragraphs 2 and 3 of the said Part I, vest jointly in those Welsh councils (“the trustee councils”) described in column (2) opposite the land in question to be held by those trustee councils for and on behalf of the appropriate Welsh councils (“the beneficiary councils”) described in column (3) opposite in the proportion specified for each such council in column (4).
(2) Where the vesting of any land is transferred under paragraph (1), there shall be transferred with that land–
(a)any property in or on that land being property held by the Residuary Body;
(b)any rights or liabilities of the Residuary Body in respect of that land or property;
(c)any rights or liabilities of the Residuary Body in relation to a contract for the provision of services for, or the delivery of goods to, that Body (including any rights and liabilities in relation to such contracts vested in that Body by virtue of article 22(2)(a) of the Local Government Reorganisation (Wales) (Property etc.) Order 1996(1)), where the contract relates exclusively to the said land or property; and
(d)any documents of the Residuary Body relating exclusively to that land or the property, rights and liabilities relating thereto referred to in sub paragraphs (a) to (c).
(3) In paragraph (2),–
(a)the expression “property in or on that land” shall include vehicles and moveable property of the Residuary Body which are normally kept in or on such land when not in use; and
(b)“contract” includes any enforceable undertaking and a contract of insurance but does not include a contract for banking services.
4.—(1) On the transfer date, all the interest of the Residuary Body under an agreement between it and the Land Authority for Wales and dated 30th September 1998 in relation to the land described in column (1) of Part II of Schedule 1 to this Order and entitling the Residuary Body to receive a proportion of any increased development value on a subsequent disposal of that land, shall vest jointly in the Welsh councils described in column (2) of that Part for the benefit of each of those councils in the proportion specified for each such council in column (3) of that Part.
(2) On the transfer date, all rights and liabilities of the Residuary Body in proceedings 1997 ORB. No. 126 entered in the Official Referees' Court Registry of the High Court of Justice shall vest jointly in the Council of the City and County of Cardiff and The Vale of Glamorgan County Borough Council.
5.—(a) Immediately before the transfer date, the Residuary Body shall set aside from its revenue balances the sum of £25,000; and
(b)on the transfer date the Residuary Body shall transfer that sum to Caerphilly.
S.I. 1996/532 to which there is an amendment not relevant to this Order.