54.—(1) Before such date as the Department may direct, the Holding Company shall make a scheme (the “transfer scheme”) for the transfer to the successor company or the Department of—
(a)specified airport assets and airport liabilities of the Holding Company; and
(b)specified assets and liabilities of NIAL.
(2) On such day as the Department may by order appoint (the “transfer date”)—
(a)such specified assets and liabilities as are allocated under the transfer scheme to the successor company shall, by virtue of this paragraph, become assets and liabilities of that company; and
(b)such specified assets and liabilities as are allocated under that scheme to the Department shall, by virtue of this paragraph, become assets and liabilities of the Department.
(3) The provisions of Schedule 7 shall apply in relation to any transfer effected under paragraph (2); and that paragraph shall have effect subject to the provisions of that Schedule.
(4) The transfer scheme may—
(a)specify the assets and liabilities to be transferred to a particular body by describing or identifying them in such manner; and
(b)make such supplementary, incidental and consequential provisions,
as the Holding Company considers appropriate.
(5) The provisions of the transfer scheme shall bind the Crown, including the Crown in right of Her Majesty's Government in the United Kingdom, to the full extent authorised or permitted by the constitutional laws of Northern Ireland.
(6) In this Article “specified” means specified in the transfer scheme.