Part IIRe-organisation of the Railways

Supplemental

116Interpretation of Part II

1

In this Part, unless the context otherwise requires—

  • “dispose”, in relation to any land, includes the making of any disposition and “disposal” shall be construed accordingly;

  • “franchise company” has the meaning given by section 85(8) above;

  • “property”, “rights” and “liabilities” shall be construed in accordance with section 85(2) above and subsection (2) below;

  • “successor company” means a company in which any property, rights or liabilities are vested by virtue of and in accordance with a transfer scheme;

  • “transfer date” has the meaning given by section 85(6) or, as the case may be, 86(5)(b) above;

  • “transferee” and “transferor”, in relation to any transfer of property, rights or liabilities effected or proposed to be effected by virtue of a transfer scheme, mean respectively the person to whom and the person from whom they are, or are to be, so transferred.

2

Any reference in this Part to property, rights or liabilities is a reference to property or (as the case may be) rights or liabilities—

a

whether or not capable of being transferred or assigned otherwise than under or by virtue of this Act;

b

whether situate or subsisting in the United Kingdom or elsewhere; and

c

whether the person entitled to the property or rights or, as the case may be, subject to the liabilities is so entitled or subject—

i

under the law of the United Kingdom or of any part of the United Kingdom; or

ii

under the law of any country or territory outside the United Kingdom;

and references to an undertaking or part of an undertaking shall be construed accordingly.