(1)If and to the extent that key system assets are property or rights, a PPP company shall not, without the consent of the relevant authority,—
(a)transfer or agree to transfer, or create or agree to create any security over, any of those key system assets or any interest in, or right over, any of those key system assets; or
(b)create or extinguish, or agree to create or extinguish, any interest in, or right over, any of those key system assets.
(2)If and to the extent that key system assets are liabilities, a PPP company shall not, without the consent of the relevant authority, enter into any agreement under which any such liability is released or discharged or transferred to some other person.
(3)Any transaction which is entered into in contravention of subsection (1) or (2) above shall be void.
(4)No execution or other legal process may be commenced or continued, and no distress may be levied, against any property which is, or rights which are, key system assets.
(5)Where a PPP agreement makes provision for or in connection with the transfer to a successor body at any time—
(a)of any shares in a PPP company, or
(b)of any key system assets,
the relevant authority shall ensure that the PPP agreement includes provision specifying, or providing for the determination of, the amounts which are to be paid in respect of those shares or key system assets.
(6)In subsection (5) above, “successor body” means—
(a)a relevant body;
(b)a PPP company; or
(c)a PPP related third party.
(7)Any reference in this section to a PPP company or PPP related third party includes a reference to a body or person which has been or is to be such a company or party.
(8)In this section “security” has the meaning given by section 248(b) of the [1986 c. 45.] Insolvency Act 1986.