(1)The London Development Agency ceases to exist on the day on which this subsection comes into force.
(2)The Secretary of State may at any time make a scheme (a “transfer scheme”) transferring the property, rights and liabilities of the London Development Agency that are specified in the scheme to—
(a)the Greater London Authority,
(b)a functional body,
(c)a company that is a subsidiary of the Greater London Authority,
(d)the Secretary of State,
(e)a London borough council, or
(f)the Common Council of the City of London.
(3)Before making a transfer scheme, the Secretary of State must consult the Mayor of London.
(4)The Secretary of State may by order specify another person, or a description of other persons, to whom property, rights or liabilities of the London Development Agency may be transferred by a transfer scheme.
(5)In this section—
‘“company” means—
a company within the meaning given by section 1(1) of the Companies Act 2006, or
a society registered or deemed to be registered under the Co-operative and Community Benefit Societies and Credit Unions Act 1965 or the Industrial and Provident Societies Act (Northern Ireland) 1969;
“functional body” has the meaning given by section 424(1) of the Greater London Authority Act 1999;
“rights” and “liabilities” include rights, or (as the case may be) liabilities, in relation to a contract of employment;
“subsidiary” has the meaning given by section 1159 of the Companies Act 2006.