The London Residuary Body (Transfer of Property etc) Order 1990
This Order gives effect, with modifications, to a scheme submitted by the London Residuary Body (“the Residuary Body”) for the disposal of its remaining functions, property, rights and liabilities other than its responsibilities under the Education Reform Act 1988 in connection with the abolition of the Inner London Education Authority. The main modifications are:–different provision is made for receipts received by the London Boroughs of Bexley and Greenwich from the disposal of certain interests in land;certain financial rights and liabilities in relation to bankruptcies and liquidations are not to transfer;certain proceedings not to transfer; andcovenants entered into prior to 1st April 1986 which, in certain circumstances, provide for payments to be received, are to transfer to the local authority in whose area the encumbered land is located.