7(1)Where two or more transfers are effected in pursuance of a transfer scheme and the Secretary of State is satisfied, on the representation of either or any of the transferees (“transferee A”), that—
(a)in consequence of those transfers, different interests in land, whether the same or different land, are held by transferee A and by the other or one of the other transferees (“transferee B”); and
(b)the circumstances are such that the provisions of this paragraph should have effect,
the Secretary of State may direct that those provisions shall apply to such of that land as may be specified in the direction; and while the direction remains in force, those provisions shall have effect accordingly.
(2)Neither transferee A nor transferee B shall dispose of any interest to which they may respectively be entitled in any of the specified land except with the consent of the Secretary of State.
(3)If, in connection with any proposal to dispose of any interest of either transferee A or transferee B in any of the specified land, it appears to the Secretary of State to be necessary or expedient for the protection of either of them, he may—
(a)require either transferee A or transferee B to dispose of any interest to which it may be entitled in any of the specified land to such person and in such manner as may be specified in the requirement;
(b)require either transferee A or transferee B to acquire from the other any interest in any of the specified land to which that other is entitled; or
(c)consent to the proposed disposal subject to compliance with such conditions as the Secretary of State may see fit to impose.
(4)A person other than transferee A and transferee B dealing with, or with a person claiming under, either transferee A or transferee B shall not be concerned to see or enquire—
(a)whether this paragraph applies or has applied in relation to any land to which the dealing relates; or
(b)whether the provisions of this paragraph have been complied with in connection with that or any other dealing with that land,
and no transaction between persons other than transferee A and transferee B shall be invalid by reason of any failure to comply with those provisions.