(1)The Secretary of State, or the original holding company (if it is wholly owned by the Crown), may make one or more transfer schemes.
(2)A “transfer scheme” is a scheme for the transfer of property, rights or liabilities (or the creation of interests, rights or liabilities)—
(a)between companies within subsection (3), or
(b)between—
(i)a company within subsection (3), and
(ii)the Secretary of State or the Treasury (or a nominee of either of them) or a company wholly owned by the Crown.
(3)A company is within this subsection if—
(a)it is the original holding company or a subsidiary of that company, and
(b)it is wholly owned by the Crown.
(4)A transfer scheme made by the original holding company has effect—
(a)only if approved by the Secretary of State, and
(b)subject to any modifications made by the Secretary of State.
(5)The Secretary of State must consult the original holding company—
(a)before making a transfer scheme, and
(b)before making any modifications of a transfer scheme made by the company.
(6)The Secretary of State may direct the original holding company (if it is wholly owned by the Crown) to make a transfer scheme in accordance with the direction.
(7)Schedule 1 contains further provision about transfer schemes.
(8)Nothing in that Schedule is to be read as restricting the provision that may be contained in transfer schemes.
(9)A company within subsection (3) must provide the Secretary of State with any information or other assistance that the Secretary of State may reasonably require for the purposes of, or in connection with, the exercise of any power under this section or that Schedule.
(10)That duty overrides any contractual or other requirement to keep information in confidence.
(11)That duty is enforceable in civil proceedings by the Secretary of State—
(a)for an injunction,
(b)for specific performance of a statutory duty under section 45 of the Court of Session Act 1988, or
(c)for any other appropriate remedy or relief.
Commencement Information
I1S. 8 in force at 1.10.2011 by S.I. 2011/2329, art. 3