Subject to the following provisions of this Act, on such day as the Secretary of State may by order appoint as the transfer date—
The Secretary of State shall, by order made before the transfer date, nominate a company in relation to each water authority as that authority's successor company; but a company shall not be so nominated unless it is a limited company and, at the time when the order is made, is wholly owned by the Crown.
Subject to subsection (4) below, each water authority shall continue in existence after the transfer date until such time as they may be dissolved by order made by the Secretary of State.
On the transfer date the chairman and members of each water authority shall cease to hold office; and on and after that date each such authority—
The Secretary of State shall not make an order under subsection (3) above in relation to any water authority unless he is satisfied, after consultation with the water authority and with the Authority and the water authority's successor company, that nothing further remains to be done by the water authority under any scheme under Schedule 2 to this Act.
The power to make an order under this section shall be exercisable by statutory instrument and such an order shall not be amended or revoked—