PART 8London and areas of other mayoral strategic authorities

CHAPTER 2Mayoral development corporations

Dissolution

216Transfers of property, rights and liabilities

(1)

The Mayor may at any time make a scheme (a “transfer scheme”) transferring to a permitted recipient, upon such terms as the Mayor considers appropriate, any property, rights or liabilities which are for the time being vested in an MDC.

F1(2)

A transfer scheme may provide for a transfer to a person only if the person consents; but this does not apply to a transfer to any of the following—

(a)

the Greater London Authority;

(b)

a functional body other than the MDC concerned;

(c)

a company that is a subsidiary of the Greater London Authority;

(d)

a combined authority;

(e)

a company that is a subsidiary of a combined authority;

(f)

a CCA;

(g)

a company that is a subsidiary of a CCA.

(3)

The Mayor must publish a transfer scheme as soon after it is made as is reasonably practicable.

(4)

In this section—

“company” means—

(a)

a company within the meaning given by section 1(1) of the Companies Act 2006, or

(b)

F2a registered society within the meaning of the Co-operative and Community Benefit Societies Act 2014 or a society registered or deemed to be registered under the Industrial and Provident Societies Act (Northern Ireland) 1969;

“functional body” has the meaning given by section 424(1) of the Greater London Authority Act 1999;

“permitted recipient” F3, in relation to an MDC for an area in Greater London, means—

(a)

the Greater London Authority,

(b)

a functional body other than the MDC concerned,

(c)

a company that is a subsidiary of the Greater London Authority,

(d)

a London borough council,

(e)

the Common Council of the City of London, or

(f)

any other person;

F4in relation to an MDC for an area in the area of a combined authority, means—

  1. (a)

    the combined authority,

  2. (b)

    a company that is a subsidiary of the combined authority, or

  3. (c)

    any other person;

in relation to an MDC for an area in the area of a CCA, means—

  1. (a)

    the CCA,

  2. (b)

    a company that is a subsidiary of the CCA,

  3. (c)

    any district council whose local authority area is within the area of the CCA or

  4. (d)

    any other person;

“subsidiary” has the meaning given by section 1159 of the Companies Act 2006.