Vesting of property, etc to which agreements relate
12.—(1) Subject to paragraph (2)—
(a)property, rights and liabilities of a predecessor council which are identified in an agreement as for transfer on the reorganisation date to only one of the successor councils shall, on that date, vest in and transfer to that council; and
(b)property, rights and liabilities of a predecessor council which are identified in an agreement as for transfer on the reorganisation date to two or more successor councils shall, on that date, vest in and transfer to those councils—
(i)where the property consists of land, as joint tenants; and
(ii)in any other case, jointly and severally.
(2) Where—
(a)land of a predecessor council vests in a successor council by virtue of paragraph (1), and
(b)any associated property in relation to the land does not vest in that council by virtue of that paragraph,
the associated property shall, on the reorganisation date, vest in the successor council in which the land is vested, notwithstanding any agreement to the contrary.