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Crossrail Act 2008

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This is the original version (as it was originally enacted).

Scheme may modify interests, rights and liabilities of third parties

This section has no associated Explanatory Notes

11(1)Sub-paragraph (2) applies where (apart from that sub-paragraph) a person would have a triggered entitlement in consequence of—

(a)property, rights or liabilities having been, or being likely to be, transferred by the operation of paragraph 14(1) in relation to a scheme,

(b)interests, rights or liabilities having been, or being likely to be, created by the operation of paragraph 14(1) in relation to a scheme, or

(c)anything else having been done, or being likely to be done, by or under a scheme.

(2)That triggered entitlement shall, as respects the interest or right to which it relates, be enforceable in consequence of the circumstances mentioned in sub-paragraph (1)(a), (b) or (c) to the extent only that the scheme provides for it to be so enforceable.

(3)In this paragraph “triggered entitlement”, in relation to a scheme, means an entitlement—

(a)to terminate, modify, acquire or claim an interest or right to which the transferor, or a subsidiary of the transferor, is entitled or subject, or

(b)to treat an interest or right to which the transferor, or a subsidiary of the transferor, is entitled or subject as modified or terminated.

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