3Transfer of undertaking
(1)Notwithstanding anything in the Torquay Market Acts 1855 and 1974, the statutory company may, on such day as they may by special resolution appoint, transfer the undertaking to the Company; and the undertaking shall thereupon vest in the Company including—
(a)all that property vested in the statutory company which immediately before the transfer day was held by them for the purposes of the undertaking;
(b)subject to section 10 (Market building: release from trusts) and section 11 (Repeals) of this Act, all rights, liabilities and obligations of the statutory company subsisting immediately before the appointed day for the purposes of the undertaking.
(2)Not less than 28 days before the appointed day the statutory company shall publish in the London Gazette and in at least one local newspaper circulating in Torquay a notice containing a copy of the special resolution and explaining the effect thereof.