249.Section 240 and Schedule 25 allow the transfer to the Secretary of State of any property, rights or liabilities of the BRB. This is in addition to the power to transfer to the Authority – where it is intended that most rights and liabilities will be transferred.
250.Section 241 provides for the winding down and the abolition of the BRB. Abolition will be effected when all residual liabilities, properties and rights have been transferred to the Authority or the Secretary of State.
Commentary on Sections Part IV: Railways Chapter Ii: Other Provisions about Railways Sections 240 and 241: The British Railways Board