Effect of scheme
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13(1)At the time appointed for the purpose by a transfer scheme, property, rights and liabilities for whose transfer the scheme provides are transferred in accordance with the scheme.
(2)A scheme may appoint different times for the transfer of different things.
(3)References in this paragraph to the transfer of property, rights and liabilities include references to the creation of interests, rights or liabilities under paragraph 1 or 2 (and “transferred”, in relation to property, rights or liabilities, is to be read accordingly).