435.The Act provides for the dissolution of LRT, the repeal of the LRT Act 1984 under which it was set up, the transfer of its undertaking to TfL and the conferral on TfL of the necessary powers to enable it to continue to provide the services at present provided by LRT.  This need not, however, all happen at once and this Chapter provides for the transition from LRT to TfL and for the period during which TfL and LRT will be operating side by side, with LRT retaining part of its undertaking and the remainder vested in TfL.
436.Section 297 requires the Secretary of State from time to time to prepare programmes for the transfer to TfL of property, rights and liabilities of LRT.  The powers conferred by Part XII (supplementary provisions) will be exercisable for this purpose, so that the actual transfer of property, rights and liabilities will be accomplished under those powers.  To the extent that a programme has not been implemented, it may be varied or replaced by another programme.
437.Section 298 provides for the exercise of functions during the period between the coming into force of section 298 and LRT’s ceasing to provide or secure the provision of public passenger transport services. It defines “transitional purpose”, as facilitating the securing and carrying into effect of PPP agreements, facilitating the transfer of functions, property, rights or liabilities of LRT and the other predecessor bodies to TfL, facilitating the exercise by TfL of transferred functions and securing the continuation of public passenger transport services without disruption.  LRT are required, and are to be taken before the coming into force of the section to have had power, to do anything appropriate for these purposes.  The Mayor, LRT and TfL are required to consult and co-operate with each other for these purposes.  To that end they are required to provide each other with information and may enter into arrangements with each other for the provision of services and the discharge of one another’s functions.
438.Orders under Part XII may provide for legislation (including the Act and the LRT Act 1984) to be adapted during the transitional period so that the two bodies can operate side by side.
439.In accordance with section 299, if provision made under the Act enables the Mayor to give LRT directions or determine its fare structure, he must act in a way which he considers will not prejudice the financial or other interests of LRT, whilst having regard to those of TfL.  A similar duty is imposed on TfL, in the event of its being given power to enter into concessionary fare arrangements covering LRT's services as well as its own.
440.Section 300 provides for continuity in respect of repealed functions of LRT, so that anything done by LRT is to be treated as done and able to be continued by TfL and TfL is substituted for LRT in instruments, contracts or legal proceedings.
441.Section 301 transfers to TfL some functions which LRT inherited from its predecessor, the London Transport Executive.  Subsection (2) amends section 144 of the Transport Act 1968 so that LRT’s duty to preserve certain historical records and artefacts is transferred to TfL.
442.Section 302 provides for the Secretary of State to make an order dissolving LRT when he is satisfied that provision has been made for the transfer of all its property, rights and liabilities.
Commentary on Sections Part Iv: Transport Chapter Xvi: Transition from London Regional Transport to Transport for London