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The Coal Industry (Superannuation Scheme) (Winding Up, No. 1) Regulations 1949

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Transfer of liabilities

3.—(1) Subject to the provisions of the following paragraph, every liability or obligation outstanding immediately before the coming into operation of these regulations, being a liability or obligation incurred by any trustee, manager or other person on behalf of, or for the purposes of, a scheme to which these regulations apply, shall vest in the Board to the exclusion of that person:

Provided that nothing in this paragraph shall relieve any trustee from any liability for any breach of trust except in so far as under any instrument creating the trust that trustee would, but for the operation of these regulations, have been entitled to an indemnity in respect thereof from assets available for the purposes of the scheme concerned.

(2) In the case of a trustee, manager or other person to whom the foregoing paragraph applies, not being a person employed by the Board or employed for the purposes of any superannuation scheme maintained by the Board, the exclusion of that person from liability as aforesaid shall, without prejudice to the vesting of the said liability in the Board, take effect only after signature of all certificates required to be made for the due registration or inscription of the title of the appropriate person to all property and rights transferred with respect to the scheme concerned by virtue of the last foregoing regulation, and after completion of the audit of the accounts for that scheme prescribed by the next following regulation.

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