3.—(1) The provisions of this paragraph shall apply where the transfers effected under a transfer scheme include a transfer of all assets and liabilities comprised in a specified part of Northern Ireland Electricity’s undertaking, but shall not apply to any such assets, being rights, or to any such liabilities under a contract of employment.
(2) It shall be the duty of the transferee of the specified part of Northern Ireland Electricity’s undertaking (“transferee A”) and each of the other transferees (“transferee B”), whether before or after the transfer date, so far as practicable to arrive at such written agreements and to execute such other instruments as are necessary or expedient to identify or define the assets and liabilities transferred to transferee A or transferee B and as will—
(a)afford to transferee A and transferee B as against one another such rights and safeguards as they may require for the carrying on of their respective undertakings; and
(b)make as from such date, not being earlier than the transfer date, as may be specified in the agreement or instrument such clarification and modifications of the division of Northern Ireland Electricity’s undertaking as will best serve the carrying on of the respective undertakings of transferee A and transferee B.
(3) Any such agreement shall provide so far as it is expedient—
(a)for the granting of leases and for the creation of other liabilities and rights over land whether amounting in law to an estate in land or not, and whether involving the surrender of any existing estate or the creation of a new estate or not;
(b)for the granting of indemnities in connection with the severance of leases and other matters; and
(c)for responsibility for registration of any matter in any statutory register.
(4) If transferee A or transferee B represents to the Department, or if it appears to the Department without such a representation, that it is unlikely in the case of any matter on which agreement is required under sub-paragraph (2) that such agreement will be reached, the Department, whether before or after the transfer date, may—
(a)give a direction determining that matter; and
(b)include in the direction any provision which might have been included in an agreement under sub-paragraph (2).
(5) Any assets or liabilities required by a direction under sub-paragraph (4) to be transferred to transferee A or transferee B shall be regarded as having been transferred by this Order to, and by virtue thereof vested in, that transferee accordingly.