Transport (London) Act 1969

21 Schemes for transfers between Executive and Railways Board or Bus Company

(1) Subject to subsection (2) of this section, the Executive and the Railways Board, or the Executive and the Bus Company, acting jointly, may as occasion seems to them to require it make schemes for the transfer from one to another of the Executive, that Board or, as the case may be, that Company, and any wholly-owned subsidiary of the Executive or that Board or, as the case may be, Company of any specified property, rights and liabilities, or of all property, rights and liabilities comprised in a specified part of the transferor's undertaking ; and any such scheme may contain such supplementary, incidental and consequential provision as may appear to the Executive and the Railways Board or, as the case may be, to the Executive and the Bus Company to be necessary or expedient.

(2) A scheme under this section shall not come into force unless it has been approved by the Minister after consultation with the Council or until such date as the Minister may in giving his approval specify; and the Minister may approve a scheme either without modification or with such modification as, after consultation with the Council, with the Executive and with the Railways Board or, as the case may be, the Bus Company, he thinks fit; but, without prejudice to his powers under section 22 of this Act, the Minister shall not approve any such scheme which makes provision for a transfer of any property, rights or liabilities which it appears to him would materially prejudice the proper discharge by the Executive, the Railways Board or the Bus Company of their respective functions.

(3) Subject to subsection (4) of this section, the property, rights and liabilities to which any such scheme relates shall on the date of the coming into force of the scheme be transferred, and by virtue of the scheme vest, in accordance with the scheme.

(4) Schedule 4 to the Act of 1968 shall apply (to any transfer under subsection (3) of this section subject to any reference in that Schedule to a vesting by virtue of that Act being construed as a reference to a vesting by virtue of the scheme in question, and as if any other reference in that Schedule to that Act (otherwise than in a reference to a particular provision of that Act) were a reference to this Act; and that subsection shall have effect subject to the provisions of that Schedule.