SCHEDULES

SCHEDULE 3Transfer of assets, etc

Transfer of assets and liabilities

I11

1

A scheme may designate the assets or liabilities to be transferred—

a

by specifying them or describing them in particular;

b

by identifying them generally by reference to a specified part of the Regional Board’s undertaking, or their connection with the exercise of specified functions of the Board; or

c

in any other manner appearing to the Department to be appropriate in relation to the assets or liabilities in question.

2

A scheme may provide for the transfer of—

a

assets and liabilities which would not otherwise be capable of being transferred;

b

assets and liabilities arising in the period after the making of the scheme and before the transfer date;

and accordingly, a scheme has effect in relation to the assets or liabilities to which it applies in spite of any provision or rule of law which would otherwise prevent or restrict the transfer of those assets or liabilities.

3

A scheme may contain supplementary, incidental, transitional and consequential provisions.

4

A certificate issued by the Department that—

a

any assets or liabilities specified in the certificate have vested in a person mentioned in section 5(2) by virtue of a scheme;

b

any assets or liabilities specified in the certificate have not so vested in such a person,

is conclusive evidence for all purposes of that fact.

5

In this Schedule—

  • “scheme” means a scheme under section 5;

  • “transferee”, in relation to any assets or liabilities transferred by a scheme, means the person to whom those assets or liabilities are transferred.