3(1)A property transfer scheme may provide for the creation of rights, or the imposition of liabilities, in relation to property transferred by the scheme.E+W
(2)A property transfer scheme may provide for the apportionment or division of any property, rights or liabilities.
(3)A property transfer scheme may—
(a)specify property, rights or liabilities to be transferred under or in accordance with the scheme, or
(b)provide for property, rights or liabilities to be transferred to be determined in accordance with the scheme.
4(1)A property transfer scheme has effect in relation to the property, rights and liabilities to which it applies despite any provision (of whatever nature) which would otherwise prevent, penalise or restrict the transfer of any of the property, rights and liabilities.E+W
(2)A right of pre-emption, right of reverter or other similar right is not to operate or become exercisable as a result of a transfer under a property transfer scheme.
(3)In the case of such a transfer, any such right has effect as if the transferee were the same person in law as the transferor and as if the transfer had not taken place.
5(1)Such compensation as is just is to be paid to a third party in respect of any right which would, apart from paragraph 4, have operated in favour of, or become exercisable by, him but which, in consequence of the operation of that paragraph, cannot subsequently operate in his favour or become exercisable by him.E+W
(2)Any compensation payable by virtue of sub-paragraph (1) is to be paid by the transferor, by the transferee or by both.
(3)A property transfer scheme may provide for the determination of any disputes as to—
(a)whether, and (if so) how much, compensation is payable by virtue of sub-paragraph (1), and
(b)the person to whom or by whom it is to be paid.
(4)“Third party” means a person other than the transferor or the transferee.
6E+WParagraphs 4 and 5 apply in relation to the creation of rights in relation to property as they apply in relation to a transfer of property; and references to the transferor and the transferee are to be read accordingly.
7E+WA certificate issued by the Lord Chancellor that any property, rights or liabilities have, or have not, been transferred under or in accordance with a property transfer scheme is conclusive evidence of the transfer, or of the fact that there has not been a transfer.