4.—(1) Where any property other than land or any right or liability not relating to land has, prior to the operative date, transferred to and, by virtue of regulation 54 of the 1999 Regulations, vested in a local education authority, the said property, right or liability shall on the operative date be transferred to and, by virtue of this regulation, vest in the governing body of the relevant school constituted under the instrument of government.
(2) In this regulation—
“relevant school” means—
where the transfer was by virtue of paragraph (1) of the said regulation 54, the school for whose purposes the property, right or liability was, immediately before the transfer date, held, used, acquired or incurred;
where the transfer was by virtue of paragraphs (1) and (2) of the said regulation 54, the school to which the property, right or liability was allocated as a result of the division or apportionment carried out in accordance with the said paragraph (2); or
where the transfer was by virtue of paragraph (4) of the said regulation 54, the school which appeared on the first transfer date to be likely to make use of the property or (as the case may be) to be affected by the right or liability to the greater extent; and
“first transfer date” and “transfer date” have the meanings given to them in regulation 54 of the 1999 Regulations.