Citation and commencement

1. This Order may be cited as the Stonebridge Housing Action Trust (Dissolution) Order 2007 and shall come into force on 6th August 2007.

Interpretation

2. In this Order—

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

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

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

“the Trust” means the Stonebridge Housing Action Trust which was established by the Stonebridge Housing Action Trust (Area and Constitution) Order 1994( 4 ).

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

3. —(1) Subject to paragraph (2), any property, rights and liabilities remaining vested in the Trust immediately before 27th August 2007, and any relevant function, shall be transferred to the Commission on that date.

(2) Paragraph (1) shall not apply in respect of any property, rights, liabilities or relevant functions which the Trust has notified in writing to the Commission before 13th August 2007 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) Any property, rights and liabilities remaining vested in the Trust immediately before 30th September 2007, and any relevant function, shall be transferred to the Commission on that date.

Additional purposes of the Commission

4. —(1) The purposes for which the Commission exists, as mentioned in section 36(1) of the 1981 Act (functions of the 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 expedient to do so, to dispose of property so transferred, and

(c) to carry out any functions so transferred.

(2) In this article—

(a) any reference to property includes a reference to rights and liabilities; and

(b) in relation to liabilities, 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 September 2007.

Revocation of Order

7.The Stonebridge Housing Action Trust (Area and Constitution) Order 1994 is revoked on 30th September 2007.