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1(1)A transfer scheme may define the property, rights and liabilities to be transferred to a particular person—E+W+S+N.I.
(a)by specifying or describing the property, rights and liabilities in question,
(b)by referring to all (or all but so much as may be excepted) of the property, rights and liabilities comprised in a specified part of the Authority’s undertaking, or
(c)partly in one way and partly in the other.
(2)A transfer scheme shall appoint the day on which it is to come into force.
(3)This Act shall have effect, in relation to any provision of a transfer scheme for the transfer of any property, rights or liabilities, so as to transfer the property, rights or liabilities, at the beginning of the day appointed for the coming into force of the scheme, and without further assurance, from the Authority to the person to whom they are allocated under the scheme and to vest them in that person; and the provisions of that scheme in relation to that transfer shall have effect from that time accordingly.
(4)This Act shall have effect, in relation to any provision of a transfer scheme for the creation, by virtue of paragraph 2 below, of any interest or right, so as to create the specified interests and rights, at the beginning of the day appointed for the coming into force of the scheme and without further assurance.
(5)The preceding provisions of this paragraph shall have effect subject to so much of a transfer scheme as provides for—
(a)the transfer of any of the property, rights or liabilities to be transferred in accordance with the scheme, or
(b)the creation of any of the rights or interests to be created in accordance with the scheme,
to be effected by or under any agreement or instrument entered into or executed in pursuance of an obligation imposed by virtue of paragraph 2(1)(g) below.
(6)In their application to Scotland, sub-paragraphs (3) and (4) above shall have effect with the omission of the words “and without further assurance”.
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