Section 60(5)

An order transferring any functions of the defaulting authority in pursuance of subsection (2) may provide for the transfer to the Secretary of State of such of the property, rights, liabilities and obligations of the authority as he considers appropriate; and where such an order is revoked the Secretary of State may, by the revoking order or a subsequent order, make such provision as he considers appropriate with respect to any property, rights, liabilities and obligations held by him for the purposes of the transferred functions.

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Source: legislation.gov.uk · retrieved 2026-07-30