7.—(1) Any property described in column (2) of Schedule 1 (or of any extension thereof effected by any further order under section 254 of the Act made before 1st April 1974) of an authority named in column (1) shall by virtue of this order be transferred to and vest in the authority specified in respect of such property in column (3).
(2) The Teesside passenger transport undertaking shall be held by the District Council of Middlesbrough for the joint use and benefit of themselves and the District Councils of Langbaurgh and Stockton-on-Tees.
(3) Any liability of the council of any county or county borough to repay money borrowed for the provision of financial assistance in respect of works for water supply or sewerage or sewage disposal shall be transferred to and attach to the water authority for the area in which the works are situated.
Any other liability of the council of a county, county borough or county district to repay money borrowed under any statutory provision for the provision of financial assistance in respect of any works shall be transferred to and attach to the authority who would on and after 1st April 1974 be empowered by that statutory provision to provide such financial assistance in respect of such works.
Paragraphs (3) and (4) of article 18 shall apply to the liabilities transferred by this paragraph as they apply to the liabilities transferred by paragraph (2) of that article.
(4) This paragraph applies to the liability of the council of any county or county borough to make contributions to any authority in respect of any scheme under section 2 of the Rural Water Supplies and Sewerage Act 1944.
Any such liability shall cease in respect of any payment falling to be made on or after 1st April 1974.
Where any payment falling to be made before 1st April 1974 is in fact made on or after that date it shall be made to the authority specified in column (2) of Part I or II of Schedule 4 in respect of the authority first referred to in this paragraph.