The Agriculture (Northern Ireland) Order 1993

Statutory transfer on vesting day

14.—(1) On the vesting day under an approved scheme, any transfer under the scheme which—

(a) is a qualifying transfer; and

(b) is a transfer which the scheme provides is to have effect under this Article,

shall have effect by virtue of this Order.

(2) Paragraph (1) shall not apply if—

(a) a notice under paragraph (4) of Article 13 has been given in respect of the scheme; and

(b) the notice has not been withdrawn under paragraph (6) of that Article.

(3) For the purposes of paragraph (1)(a), a transfer is a qualifying transfer if it is—

(a) a transfer of property, rights or liabilities of—

(i) the Board; or

(ii) a subsidiary of the Board,

to a body which is a qualifying body; or

(b) a transfer of property, rights or liabilities of a subsidiary of the Board to the Board.

(4) For the purposes of paragraph (3), a body is a qualifying body if it is—

(a) a society registered under the Industrial and Provident Societies Act (Northern Ireland) 1969(1) which has not previously traded;

(b) a company registered under the Companies (Northern Ireland) Order 1986(2) which has not previously traded; or

(c) a company registered under that Order which was a subsidiary of the Board immediately before the day on which this Order is made.

(1)

1969 c. 24 (N.I.)

(2)

1986 NI 6