Section 31: Vesting of property in Authority

31. Vesting of property in Authority (1) Subject to subsection (2), there shall be vested in the Authority on the vesting day such part of the assets and properties of the Central Water Authority or the Authority constituted under the Waste Water Authority Act 1991, as may be specified in an instrument drawn up by the Minister. (2) The Minister shall not make the instrument under subsection (1), unless— (a) in the case of capital assets, the Minister is satisfied that the Authority is generating adequate revenue to meet operation, maintenance, depreciation and debt servicing costs; and (b) in case of operational assets, their economic life does not exceed 7 years. (3) The Minister may, by an instrument, transfer to any other body corporate any property vested in the Authority under subsection (1) and any other property which the Authority may afterwards acquire, where those properties are held by the Authority for public purposes, in which no money has been invested other than money provided from public funds.