(1) Notwithstanding section 37E of the principal Act (as substituted by section 8 of the Local Government Amendment Act (No 3) 1988) and clauses 27 to 31 of Schedule 3B to the principal Act (as enacted by section 45(1) of this Act), where any Order in Council giving effect to a final reorganisation scheme prepared by the Local Government Commission under section 15B of the principal Act does not make provision for the apportionment of the assets and liabilities of the local authorities affected by the Order, the transitional committees affected shall endeavour to enter into an agreement determining the manner in which those assets and liabilities shall be apportioned.
(2) In order to assist the transitional committees in the performance of their functions under this section, the local authorities affected by the Order shall make all relevant information available to the transitional committees and may make recommendations concerning the apportionment of assets and liabilities.
(3) Any agreement entered into under subsection (1) of this section shall be binding on the local authorities to be formed.
(4) If an agreement is not entered into before the 30th day of September 1989, any transitional committee affected may require that the matter be referred to arbitration.
(5) Where any transitional committee so refers any matter,—
(b) The assessors shall, within 7 days after their appointment, and before entering upon their reference, appoint a person to act as arbitrator as between the assessors.
(6) Any matters upon which the assessors cannot reach agreement shall be referred from time to time to the arbitrator for decision and that decision shall form part of the assessors' determination.
(7) In the exercise of their powers under this section, the assessors may identify the assets and liabilities to be transferred, which assets and liabilities shall include all amounts and items that ought properly to be treated as being of the same character irrespective of how they may be described in the accounts or records of any local authority.
(8) The determination of the assessors shall be final and shall have the same force as if it were an agreement between the transitional committees affected.
(9) Every person having the possession or custody of any relevant books, papers, accounts, or documents shall allow the assessors and the arbitrator to have access thereto for the purposes of this section.
Sections 15B and 37E referred to in subsection (1) were repealed, as from 1 November 1989, by section 3(1) Local Government Amendment Act (No 2) 1989 (1989 No 29).