Citation and commencement

1. This Order may be cited as the Waltham Forest Housing Action Trust (Dissolution) Order 2002 and shall come into force on 31st March 2002.

Interpretation

2. In this Order—

“the 1981 Act” means the New Towns Act 1981( 2 );

“commencement date” means the date specified in article 1;

“the Commission” means the Commission for the New Towns( 3 );

“the dissolution date” means the date specified in article 6;

“relevant function” means a function which is exercisable in connection with any of the property, rights or liabilities transferred by this Order;

“the Trust” means the Waltham Forest Housing Action Trust which was established by the Waltham Forest Housing Action Trust (Area and Constitution) Order 1991( 4 ).

Transfer of property, rights, liabilities and functions to the Commission

3. —(1) Subject to paragraph (2) below, any property, rights and liabilities remaining vested in the Trust, and any relevant function exercisable by the Trust, immediately before the commencement date shall be transferred to the Commission on that date.

(2) Paragraph (1) shall not apply in respect of any property, rights, liabilities and functions which the Trust has notified in writing to the Commission, at least 14 days before the commencement date, as those which it thinks it necessary or expedient to retain for the purpose of preparing its final accounts and report and winding up its affairs.

(3) Any property, rights and liabilities remaining vested in the Trust and any relevant function exercisable by the Trust immediately before the dissolution date shall be transferred to the Commission on that date.

Additional functions of the Commission

4. —(1) The purposes for which the Commission exists, as mentioned in section 36(1) of the 1981 Act (functions of Commission), shall also include—

(a) to take over and, with a view to its eventual disposal, to hold, manage and turn to account the property of the Trust transferred to the Commission by article 3, and

(b) as soon as it considers it expedient to do so, to dispose of property so transferred, and

(c) to carry out any functions transferred to it by article 3.

(2) In this article—

(a) any reference to property transferred to the Commission by article 3 includes a reference to rights and liabilities so transferred; and

(b) in relation to liabilities so transferred, any reference to disposal includes a reference to extinguishment.

Restrictions on additional functions of the Commission

5. Section 37 of the 1981 Act shall have effect as if any reference to section 36 included a reference to article 4.

Dissolution of the Trust

6. The Trust shall be dissolved on 30th April 2002.

Revocation of Order

7.The Waltham Forest Housing Action Trust (Area and Constitution) Order 1991 is revoked with effect from the dissolution date.