This section applies where, by virtue of an order made by the Greater London Authority under section 14B(2) above, a highway or proposed highway becomes, or ceases to be, a GLA road.
As from the operative date there are transferred to the new highway authority by virtue of this section—
and the property and liabilities so transferred vest, by virtue of this section, in the new highway authority.
There is not transferred to the new highway authority by virtue of this section any right or liability in respect of—
The property referred to in subsection (2)(a) above is—
Any property vested in the new highway authority by virtue of this section shall be held by it subject to all covenants, conditions and restrictions subject to which the property was held by the former highway authority and to all liabilities affecting the property, except liabilities referred to in subsection (3) above.
The new highway authority and the former highway authority may agree, on such terms as they think fit—
Any dispute between the new highway authority and any other person as to the property or liabilities transferred by virtue of this section shall be determined by arbitration.
Paragraphs 1 and 3 to 8 of Schedule 21 to this Act shall have effect for the purpose of providing for transitional matters arising where a highway or proposed highway becomes, or ceases to be, a GLA road as it applies where a highway becomes, or ceases to be, a trunk road; but in having such effect those paragraphs shall be treated as if—
For the purposes of this section—
" former highway authority " means the highway authority for the transferred highway immediately before the operative date;
" new highway authority " means the highway authority for the transferred highway immediately after the operative date;
" operative date " means the date on which the highway or proposed highway becomes, or ceases to be, a GLA road;
" property " includes property, rights and powers of every description; and
" transferred highway " means the highway or proposed highway which is the subject of the order under section 14B(2) above.