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Ure Elder Fund Transfer and Dissolution Act 2010

Section 1

7.Subsection (1) transfers the property, rights, interests and liabilities of the Fund to the Trust. This means that the cash, shares and any other assets of the Fund will be transferred to the Trust. Similarly, any liabilities of the Trustees of the Fund will transfer to the Trustees of the Trust.

8.Subsection (2) makes clear that any current legal proceedings can continue and are to be unaffected by the transfer of assets and liabilities from the Fund and the subsequent dissolution of the Fund.

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Text created by the Scottish Government to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Acts of the Scottish Parliament except those which result from Budget Bills.

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