5Transfer of property, functions, etc. to Commissioners
(1)Such of the following as immediately before the operative day belonged to or were vested in or exercisable by the Whitehaven companies—
(a)all property, real and personal, of every description (including the project assets and things in action), and
(b)all rights, interests, privileges, and functions,
shall on the operative day, without any conveyance, transfer, assignment or other instrument, be transferred to and vested in, or be exercisable by, the Commissioners for all the estate and interest therein of the Whitehaven companies.
(2)Subject to section 10 (for protection of Big Lottery Fund) of this Act, all property, rights, interests, privileges and functions transferred to the Commissioners by subsection (1) above shall be used or exercised by the Commissioners solely for the purposes of the improvement, maintenance and management of the harbour for the public benefit, and as part of the Commissioners' harbour undertaking.
(3)In this section “functions” includes functions conferred by or under any enactment.