SCHEDULE 3 Transfer Schemes

SCHEDULE 3 Transfer Schemes

Section 28

Creation and apportionment of property, rights and liabilities etc

1

A scheme may—

(a)     create for the transferor interests in or rights over property transferred by virtue of the scheme;

(b)     create for the transferee interests in or rights over property retained by the transferor;

(c)     create rights or liabilities between the transferor and the transferee.

2

(1)     A scheme may provide for the transfer of property, rights or liabilities that would not otherwise be capable of being transferred or assigned.

(2)     In particular, it may provide for the transfer to take effect regardless of a contravention, liability or interference with an interest or right that would otherwise exist by reason of a provision having effect in relation to the terms on which the transferor is entitled to the property or right, or subject to the liability, in question.

(3)     It does not matter whether the provision referred to in sub-paragraph (2) has effect under an enactment or an agreement or in any other way.

3

A certificate by the Secretary

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