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5. In article 5—
(a)in paragraph (1) after “(2),” insert “(2A),”;
(b)after paragraph (2) insert—
“(2A) A partial property transfer to which this Order applies may not transfer the benefit of the security unless the liability which is secured is also transferred.”;
(c)in paragraph (5) after “(2),” insert “(2A),”; and
(d)in paragraph (6) after “(2)” insert “, (2A)” in each place where it occurs.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
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