PART 3PROVISIONS APPLYING TO ALL OCCUPATION CONTRACTS
CHAPTER 8DEALING
Transfer
70Effect of authorised transfer
1
If an occupation contract is transferred by the contract-holder to a person (“P”) in accordance with the contract and section 69, on the transfer date—
a
P becomes entitled to all the rights and subject to all the obligations of the contract-holder under the contract, and
b
the contract-holder ceases to be entitled to any rights or subject to any obligations under the contract.
2
If a joint contract-holder’s rights and obligations under an occupation contract are transferred to a person (“P”) in accordance with the contract and section 69, on the transfer date—
a
P becomes entitled to all the rights and subject to all the obligations of the joint contract-holder under the contract, and
b
the joint contract-holder ceases to be entitled to any rights or subject to any obligations under the contract.
3
Subsection (2)(a) is subject to any term included in the contract because of section 141(3) or 142(3) (fixed term standard contracts: transfers of joint contract-holder’s interest).
4
Nothing in subsection (1)(b) or (2)(b) removes any right or waives any liability accruing before the transfer date.
5
The transfer date is the day agreed by the contract-holder and P as the day on which the transfer takes effect.