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THE TOWN AND COUNTRY PLANNING (TRANSFER OF PROPERTY AND OFFICERS AND COMPENSATION TO OFFICERS) REGULATIONS, 1948.

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3.  Save as is mentioned in Regulation 5 of these Regulations, the property and liabilities of the council of a country district being property and liabilities held or incurred for the purposes of old planning functions shall on the appointed day be transferred to and vest in the local planning authority for the area in which such district is situated:

Provided that the council and the local planning authority may agree that in lieu of a transfer of a loan borrowed for such purposes the local planning authority shall from time to time repay to the council all sums required to meet interest or redemption charges in respect of the loan or of any sinking fund in connection therewith and in the event of any such agreement being made the loan and any such sinking fund as aforesaid shall not be transferred to the local planning authority.

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