(1) As soon as practicable after 1st April 2002, the Secretary of State shall—
(a) use his best endeavours to determine whether it is fair and reasonable to make any transfers of property, rights and liabilities from the Crown to the Authority; and
(b) give notice in writing to the Authority specifying any such transfers and the date or dates on which they are to take effect under article 4 below.
(2) A notice under paragraph (1) above may—
(a) indicate that there are matters specified therein about which a determination is still to be made; or
(b) provide for a variation in the transfer of property, rights or liabilities in circumstances specified in the notice.
(3) In this article, references to the transfer of property, rights and liabilities mean—
(a) the transfer from the Crown to the Authority, or the apportionment between them of any property and of rights and liabilities relating to it;
(b) such transfer or apportionment of any other rights and liabilities; and
(c) the creation of any rights and liabilities between them.