72 The competent authority.U.K.
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(1)On the coming into force of this section, the functions conferred on the competent authority by this Part are to be exercised by the Authority.
(2)Schedule 7 modifies this Act in its application to the Authority when it acts as the competent authority.
(3)But provision is made by Schedule 8 allowing some or all of those functions to be transferred by the Treasury so as to be exercisable by another person.