Application of Part I
1(1)This Part of this Schedule shall apply where, at any time on or after the restructuring date, a notice of a retained interest is given by any person in pursuance of an invitation contained by virtue of—
(a)subsection (3)(d) of section 50 of this Act, or
(b)subsection (3)(b) of section 3 of the 1975 Act,
in a notice for the purposes of section 49 of this Act or, as the case may be, in a notice under that section 3.
(2)In this Part of this Schedule—
(a)a notice of a retained interest in pursuance of such an invitation as is mentioned in sub-paragraph (1) above is referred to as a “retained interest notice”; and
(b)the person who gives such a notice is referred to, in relation to that notice, as “the claimant”.
(3)Where any of the Corporation’s rights under section 49 of this Act in relation to any land have been transferred in accordance with a restructuring scheme to any other person—
(a)the persons to whom a retained interest notice relating to that land may be given for the purposes of this Schedule shall be the Corporation, the Authority or that other person; and
(b)a retained interest notice given to the Corporation or the Authority shall be—
(i)forwarded by the Corporation or Authority, as soon as reasonably practicable after being received, to that other person; and
(ii)treated for the purposes of this Schedule as if given to that other person when it was given to the Corporation or Authority.