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(1)The Secretary of State may make one or more schemes for the transfer to the Commission of any of the following—
(a)property, rights and liabilities which the Secretary of State is entitled or subject to in connection with the transferred functions;
(b)property, rights and liabilities which the Secretary of State is entitled or subject to and which the Secretary of State considers it appropriate to transfer to the Commission in consequence of any function conferred on it by or under Part 1 of this Act.
(2)A scheme under subsection (1) (“a transfer scheme”)—
(a)may provide for the transfer of property, rights and liabilities whether or not they would otherwise be capable of being transferred or assigned;
(b)may create for the Secretary of State interests in or rights over property transferred by virtue of the scheme;
(c)may create for the Commission interests in or rights over property retained by the Secretary of State;
(d)may create rights or liabilities between the Secretary of State and the Commission;
(e)may make such supplementary, incidental, consequential or transitional provision or savings as the Secretary of State considers appropriate.
(3)A transfer scheme shall come into force in accordance with its terms.
(4)A certificate given by the Secretary of State that any property, rights or liabilities have been transferred by virtue of a transfer scheme is conclusive evidence of the transfer.
(5)In this section, “transferred functions” means functions transferred to the Commission by virtue of section 13.
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