14.—(1) On the vesting day under an approved scheme, any transfer under the scheme which—
(a)is a qualifying transfer; and
(b)is a transfer which the scheme provides is to have effect under this Article,
shall have effect by virtue of this Order.
(2) Paragraph (1) shall not apply if—
(a)a notice under paragraph (4) of Article 13 has been given in respect of the scheme; and
(b)the notice has not been withdrawn under paragraph (6) of that Article.
(3) For the purposes of paragraph (1)(a), a transfer is a qualifying transfer if it is—
(a)a transfer of property, rights or liabilities of—
(i)the Board; or
(ii)a subsidiary of the Board,
to a body which is a qualifying body; or
(b)a transfer of property, rights or liabilities of a subsidiary of the Board to the Board.
(4) For the purposes of paragraph (3), a body is a qualifying body if it is—
(a)a society registered under the Industrial and Provident Societies Act (Northern Ireland) 1969F1 which has not previously traded;
(b)a company registered under the Companies (Northern Ireland) Order 1986F2 which has not previously traded; or
(c)a company registered under that Order which was a subsidiary of the Board immediately before the day on which this Order is made.
F21986 NI 6