(1)Any public bodies affected by a reorganisation of community governance may from time to time make agreements with respect to—
(a)any property, income, rights, liabilities and expenses (so far as affected by the order) of the parties to the agreement;
(b)any financial relations between the parties to the agreement.
(2)Such an agreement may in particular provide—
(a)for the transfer or retention of any property, rights and liabilities, with or without conditions, and for the joint use of any property;
(b)for the making of payments by any party to the agreement in respect of—
(i)property, rights and liabilities so transferred or retained;
(ii)such joint use; or
(iii)the remuneration or compensation payable to any person;
(c)for any such payment to be made by instalments or otherwise;
(d)for interest to be charged on any such instalments.
(3)In default of agreement about any disputed matter, the matter is to be referred to the arbitration of a single arbitrator—
(a)agreed on by the parties; or
(b)in default of agreement, appointed by the Secretary of State.
(4)The arbitrator’s award may make any provision that could be contained in an agreement under this section.
(5)In this section—
“disputed matter” means any matter that—
could be the subject of provision contained in an agreement under this section; and
is the subject of a dispute between two or more public bodies that is not resolved by or under any order or regulations under this Chapter;
“public body” has the same meaning as in section 16;
“reorganisation of community governance” means any changes made by giving effect to a community governance review.