(1)Transport for London may make schemes for the transfer of key system assets from any body falling within subsection (2) below to any other such body.
(2)Those bodies are—
(a)Transport for London;
(b)any subsidiary of Transport for London;
(c)any PPP company;
(d)any PPP related third party.
(3)A scheme under this section shall not take effect unless and until it has been approved by the Mayor.
(4)The transfers which may be made by virtue of a scheme under this section include transfers taking effect before, on or after the expiration of the term of the PPP agreement or PPP related third party agreement by reference to which the transferor or transferee under the scheme falls within subsection (2) above.
(5)No scheme under this section for the transfer of key system assets from or to—
(a)a PPP company, or
(b)a PPP related third party,
may be made otherwise than in accordance with the terms of the PPP agreement or PPP related third party agreement by reference to which the PPP company or PPP related third party falls within subsection (2) above.
(6)In this section—
(a)any reference to key system assets includes a reference to property, rights or liabilities which have been or are to be such assets; and
(b)any reference to a PPP company or PPP related third party includes a reference to a body or person which has been or is to be such a company or party.
(7)Schedule 12 to this Act (which makes further provision in relation to schemes under this section) shall have effect.
Commencement Information
I1S. 217 in force at 15.7.2003 by S.I. 2003/1920, art. 2(a)