3(1)A scheme may—E+W+S+N.I.
(a)create for the transferor interests in or rights over property transferred by virtue of the scheme;
(b)create for the transferee interests in or rights over property retained by the transferor;
(c)create rights or liabilities between the transferor and the transferee.
(2)In this Schedule, any reference—
(a)to the transfer of interests, rights or liabilities by virtue of a scheme, or
(b)to any interests, rights or liabilities transferred by virtue of a scheme,
includes a reference to the creation of interests, rights or liabilities, or to interests, rights or liabilities created, by virtue of sub-paragraph (1).
(3)A scheme may make incidental provision as to the interests, rights and liabilities of persons other than the transferor and the transferee with respect to the subject matter of the scheme.
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