On the transfer date—
the property, rights and liabilities of every river purification board shall, by virtue of this paragraph, be transferred to and vested in SEPA;
any property, rights and liabilities which are the subject of a scheme under this section—
made by the Secretary of State; or
made by a local authority and approved by the Secretary of State,
shall be transferred to and vested in SEPA by and in accordance with the scheme.
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Schedule 2 to this Act shall have effect in relation to transfers by or under this section.