Part III Property Excluded From Transfers

Part III Property Excluded From Transfers

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(1)     Nothing in Part II of this Schedule has the effect of transferring to, or vesting in, any body—

(a)     any land, rights or liabilities excluded under sub-paragraph (2) or (3),

(b)     any rights or liabilities under a contract of employment,

(c)     any liability of a governing body in respect of the principal of, or any interest on, any loan,

(d)     any liability in tort, or

(e)     any rights or liabilities which

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