Transfer of property, rights and liabilities to the Authority4.
(1)
All property, rights or liabilities of the existing board shall transfer to and vest in the Authority.
(2)
Without prejudice to the generality of article (1) above the employees of the existing board shall transfer to and become employees of the Authority. Such transfer shall be a relevant transfer for the purposes of the Transfer of Undertakings (Protection of Employment) Regulations 19813.