Citation and commencement

1. This Order may be cited as the Tower Hamlets Housing Action Trust (Dissolution) Order 2004, and shall come into force on 31st March 2004.

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;

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

“the Trust” means the Tower Hamlets Housing Action Trust which was established by the Tower Hamlets Housing Action Trust (Area and Constitution) Order 1993 ( 4 ).

Transfer of property etc. of the Trust to the Commission

3. —(1) Subject to paragraphs (2) and (3), on the commencement date there shall be transferred to the Commission—

(a) any remaining property, rights or liabilities of the Trust; and

(b) any associated function.

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

(3) Further and more particularly, paragraph (1) shall not apply in respect of any property, rights or liabilities of the Trust, or associated functions, in or in relation to land at numbers 1, 3 and 5 Mostyn Grove, London E3 2DX, which the Trust has notified in writing to the Commission, not later than fourteen days before the commencement date, as those which it thinks necessary or expedient to retain for the purpose of completing its acquisition and redevelopment of that land.

(4) Where notification has been given under paragraph (2) or (3) and as a consequence immediately before the dissolution date there remain—

(a) any property, rights and liabilities of the Trust; or

(b) any associated functions mentioned in either of those paragraphs,

these shall be transferred to the Commission on the dissolution date.

Additional purposes of the Commission

4. —(1) To the purposes for which the Commission exists, as mentioned in section 36(1) of the 1981 Act (functions of Commission), there shall be added the following purposes—

(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;

(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 the Commission by article 3.

(2) In this article—

(a) a reference to property includes reference to both rights and liabilities, and

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

Restrictions on additional purposes 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 June 2004.

Revocation

7. On the dissolution date the Tower Hamlets Housing Action Trust (Area and Constitution) Order 1993 shall be revoked.