Division of property etc. to be transferred by scheme: creation of new rights and interestsE+W+S
5(1)For the purpose of making any division of property, rights or liabilities which it is considered appropriate to make in connection with the transfer of property, rights and liabilities by and in accordance with a transfer scheme, any such scheme may—E+W+S
(a)create in favour of the transferor an interest in, or right over, any property transferred by the scheme;
(b)create in favour of the relevant new Agency an interest in, or right over, any property retained by the transferor;
(c)create new rights and liabilities as between the relevant new Agency and the transferor; or
(d)in connection with any provision made by virtue of paragraph (a), (b) or (c) above, make incidental provision as to the interests, rights and liabilities of persons other than the transferor and the relevant new Agency with respect to the subject-matter of the transfer scheme;
and references in the other provisions of Part I of this Act to the transfer of property, rights or liabilities (so far as relating to transfers by and in accordance with transfer schemes) shall accordingly be construed as including references to the creation of any interest, right or liability by virtue of paragraph (a), (b) or (c) above or the making of provision by virtue of paragraph (d) above.
(2)The provision that may be made by virtue of paragraph (c) of sub-paragraph (1) above includes—
(a)provision for treating any person who is entitled by virtue of a transfer scheme to possession of a document as having given another person an acknowledgement in writing of the right of that other person to the production of the document and to delivery of copies of it; and
(b)in the case of a transfer scheme under section 3 of this Act, provision applying section 64 of the M1Law of Property Act 1925 (production and safe custody of documents) in relation to any case in relation to which provision falling within paragraph (a) above has effect.
Commencement Information
I1Sch. 2 wholly in force at 12.10.1995; Sch. 2 not in force at Royal Asent see s. 125(3); Sch. 2 in force for specified purposes at 28.7.1995 by S.I. 1995/1983, art. 2; Sch. 2 in force for further specified purposes at 12.10.1995 by S.I. 1995/2649, art. 2(c)
Marginal Citations