(1) Subject to paragraph (2) and article 4 below, on the operative date there are hereby transferred to Transport for London in relation to each GLA road—
(a) the highway, in so far as it is vested in the former highway authority;
(b) the property mentioned in paragraph (3) in so far as, on the designation date, it was vested—
(i) in the former highway authority for the purposes of their highway functions in relation to the GLA road, or
(ii) in the former highway authority for the purposes of functions in relation to the GLA road under sections 6 (traffic regulation), 9 (experimental traffic orders), 23 and 24 (pedestrian crossings) and 85 (speed restriction signs) of the Road Traffic Regulation Act 1984 ;
(c) all liabilities incurred by a former highway authority for the purposes of their functions in relation to the GLA road and not discharged before the operative date, other than loans and loan charges.
(2) There is not transferred by virtue of this article—
(a) any right or liability of a relevant authority in respect of—
(i) work done, services rendered, goods delivered, or money due for payment, before the operative date;
(ii) damages or compensation for any act or omission before that date;
(iii) the price of, or compensation for, any land purchased, or for which a contract to purchase has been concluded, before that date; or
(b) any copyright held by the Crown.
(3) The property referred to in paragraph (1)(b) is—
(a) land, other than land—
(i) vested in the former highway authority for the purpose of being used for the storage of materials required wholly or mainly for the maintenance and improvement of other highways; or
(ii) where the former highway authority is a relevant authority, held by that authority for the improvement or development of frontages to the highway, or of land adjoining or adjacent to the highway; and
(b) all other property held in connection with the GLA road (including the unexpended balances of any grants paid by the Secretary of State to any relevant authority for the purposes of their functions in relation to the highway) other than materials to be used for the maintenance or improvement of the highway, and the unexpended balances of any loans raised by the former highway authority, or by any relevant authority for the purposes of its functions in relation to the highway.