8Transfer of assets, rights and liabilities

8 Transfer of assets, rights and liabilities

8 Transfer of assets, rights and liabilities

(1) The assets, rights and liabilities of the former county council that are determined by agreement between the constituent councils, are transferred to the appropriate constituent councils, in accordance with that agreement.

(2) A transfer under subsection (1), or as determined by the Minister under section 5, is taken to have effect on and from the commencement day.

(3) In this section—

assets means—

(a) legal or equitable estates or interests, whether present or future, whether vested or contingent and whether personal or assignable, in real or personal property of any description, and

(b) including money, and includes securities, choses in action and documents.

liabilities means liabilities, debts or obligations, whether present or future, whether vested or contingent and whether personal or assignable.

rights means rights, powers, privileges or immunities, whether present or future, whether vested or contingent and whether personal or assignable.