Statutory Instrument 1988 No. 323

The London Government Reorganisation (Non-Domestic Mortgages) Order 1988

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© Crown Copyright 1988

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1988 No. 323

LONDON GOVERNMENT

The London Government Reorganisation (Non-Domestic Mortgages) Order 1988

Whereas the London Residuary Body, acting pursuant to section 67 (1)(a) and (2) of the Local Government Act 1985^[1] ("the Act" ) has submitted proposals to the Secretary of State for the transfer of certain property, rights and liabilities to the councils of London boroughs:

And whereas the Secretary of State has decided to give effect to those proposals with modifications:

Now, therefore, the Secretary of State, in exercise of the powers conferred on him by sections 67(3) and 100(2) and (4) of the Act, and of all other powers enabling him in that behalf, hereby makes the following Order:—

Citation, commencement and interpretation
    1.—(1)  This Order may be cited as the London Government Reorganisation (Non-Domestic Mortgages) Order 1988, and shall come into force on 31st March 1988.

    (2)  In this Order—

"transferee council" in relation to any mortgage, means the council of any London borough mentioned in relation to the mortgaged property in column 3 of the Schedule, and

"the Coin street mortgage" means the mortgage mentioned in article 2(3).

Transfer of non-domestic mortgages
    2.—(1)  This article applies to any mortgage granted to the London Residuary Body or any predecessor in title of that Body by a person or body mentioned in column 1 of the Schedule and secured on land situated as described in column 2.

    (2)  All rights and liabilities of the London Residuary Body in respect of any mortgage to which this article applies, and all records of that body relating exclusively to any such rights or liabilities, shall vest in the transferee council, or, as the case may be, councils.

    (3)  The rights, liabilities and records in respect of the mortgage of land at Upper Ground and at Barge House Street, SE1, transferred by paragraph (2) above shall vest in the transferee councils jointly on such terms as may be agreed between them or, failing such agreement, determined by a person so agreed on or appointed in default of agreement by the Secretary of State.

    (4)  The transferee council, or, as the case may be, councils shall pay to the London Residuary Board a sum equal to the aggregate of all amounts outstanding by way of principal and interest in respect of any mortgage to which this article applies; and the sum in respect of the Coin street mortgage may be recovered from the transferee councils jointly or severally.

    (5)  Money received by the London Residuary Body in pursuance of this article shall not be treated, for the purposes of section 77 of the Act and of the Local Government Reorganisation (Capital Money) (Greater London) Order 1987^[2] , as capital money within the meaning of article 2(2) of that Order.

Nicholas Ridley

Secretary of State for the Environment

10th February 1988

[1] 1985 c. 51. back

[2] S.I. 1987/118. back

Explanatory Note