The Mayor may at any time make a scheme (a “transfer scheme”) transferring to a permitted recipient, upon such terms as the Mayor considers appropriate, any property, rights or liabilities which are for the time being vested in an MDC.

A transfer scheme may provide for a transfer to a person within paragraph (d), (e) or (f) of the definition of “permitted recipient” in subsection (4) only if the person consents.

The Mayor must publish a transfer scheme as soon after it is made as is reasonably practicable.

In this section—

• “company” means—

  1. a

     a company within the meaning given by section 1(1) of the Companies Act 2006, or

  2. b

     F1a registered society within the meaning of the Co-operative and Community Benefit Societies Act 2014 or a society registered or deemed to be registered under the Industrial and Provident Societies Act (Northern Ireland) 1969;

• “functional body” has the meaning given by section 424(1) of the Greater London Authority Act 1999;

• “permitted recipient” means—

  1. a

     the Greater London Authority,

  2. b

     a functional body other than the MDC concerned,

  3. c

     a company that is a subsidiary of the Greater London Authority,

  4. d

     a London borough council,

  5. e

     the Common Council of the City of London, or

  6. f

     any other person;

• “subsidiary” has the meaning given by section 1159 of the Companies Act 2006.