ChD 17 May 1990 Application by defendant water authorities to strike out claims by local authorities for an interest in property held by defendants or compensation from the proceeds of sale of the property. The property was owned by the councils before the transfer of control of the water industry to the water authorities in 1974. The Water Act 1989 privatised the water authorities, constituting private limited companies as successor to the authorities. Shares in the companies had been recently sold to the public. Property previously vested in councils for public purposes had become indirectly owned by private investors for private profit. Councils argued that it was control rather than ownership that was transferred in 1974, and that the water authorities held the property for water supply and sewerage purposes only. Once these assets ceased to be used for these purposes and were sold, the proceeds belonged to the body that owned and controlled them before 1974. ChD held that the tr