Where the Secretary of State appropriate national authority has made an order under section 116(2) a transfer order under section 116 above, he it may at any time by a subsequent order vary or revoke that order, but without prejudice to the validity of anything previously done.
The Secretary of State must consult the regulator before making an order under subsection (1).
Where an order is so revoked, the Secretary of State appropriate national authority may, either by the revoking order or by a subsequent order, make such provision as appears to him it to be desirable with respect to the transfer, vesting and discharge of any property or liabilities acquired or incurred by him in discharging functions to which the revoked order related. , by the person to whom the revoked order transferred functions, in discharging those functions.