(1)The Secretary of State may make one or more schemes for the transfer to the Agency of such property, rights and liabilities of a Minister of the Crown (in this section referred to as “the transferor”) as appear to him appropriate having regard to the functions conferred on the Agency by provision made by or under this Act, the 1990 Act or the 1991 Order.
(2)The power conferred by subsection (1) may also be exercised by the National Assembly for Wales, the Scottish Ministers or a Northern Ireland Department in relation to their property, rights and liabilities.
(3)A transfer scheme—
(a)may provide for the transfer of property, rights and liabilities that would not otherwise be capable of being transferred or assigned;
(b)may define property, rights and liabilities by specifying or describing them or by referring to all of the property, rights and liabilities comprised in a specified part of the undertaking of the transferor (or partly in one way and partly in the other);
(c)may provide for the creation—
(i)in favour of the transferor, or of the Agency, of interests in, or rights over, property to be transferred or, as the case may be, retained by the transferor; or
(ii)of new rights and liabilities as between the Agency and the transferor;
(d)may require the transferor or the Agency to take any steps necessary to secure that the transfer of any foreign property, rights or liabilities is effective under the relevant foreign law; and
(e)may make such incidental, supplemental and consequential provision as the authority making it considers appropriate.
(4)On the date appointed by a transfer scheme the property, rights and liabilities which are the subject of the scheme shall, by virtue of this subsection, become property, rights and liabilities of the Agency (and any other provisions of the scheme shall take effect).
(5)The authority making a transfer scheme may, at any time before the date so appointed, modify the scheme.