(1) The land described in Part I of Schedule 2, together with all rights and liabilities acquired or incurred solely in connection with and all records relating exclusively to that land, shall vest in the Broads Authority.
(2) The property of the Commissioners which is within a category specified in column 1 of Part II of Schedule 2 and which is described in column 2 of that Part of that Schedule, together with all rights and liabilities acquired or incurred, and equipment used solely in connection with and all records relating solely to that property, shall vest in the Broads Authority.
(3) The property, rights and liabilities of the Commissioners acquired, held or incurred solely for the purpose of managing, or regulating the use of, the navigation area, including such amount of the monies vested in the Commissioners as equal the amounts shown as the balances on their accounts attributable to functions in relation to the navigation area immediately before 1st April 1989 but excluding–
(a) land, and property, rights and liabilities held in connection with that land, not described in Part I of Schedule 2, and
(b) property in the categories specified in column 1 of Part II of Schedule 2,
shall vest in the Broads Authority.