Effect of transfer scheme: generalE+W+S+N.I.
6(1)At the time specified in the scheme—E+W+S+N.I.
(a)the property, rights and liabilities to be transferred in accordance with the scheme, and
(b)the interests, rights and liabilities to be created in accordance with the scheme,
are, as a result of this sub-paragraph, to vest in the transferee.
(2)Sub-paragraph (1) is subject to any provision of the scheme that provides that the transfer or creation of any property, interests, rights or liabilities is to be effected by or under an agreement or instrument entered into or executed in pursuance of an obligation imposed by virtue of paragraph 5(1).