1.—(1) The Authority may, on application, make a scheme providing for—N.I.
(a)the transfer to the nominated transferee of; or
(b)the creation in favour of the nominated transferee of any rights in relation to,
property, rights or liabilities of an applicant for certification.
(2) A scheme under sub-paragraph (1) (“a property arrangements scheme”) may also contain—
(a)provision for the creation, in relation to property which the scheme transfers, of an interest in or right over the property in favour of the applicant for certification;
(b)provision for the creation of any rights or liabilities as between the applicant for certification and the nominated transferee;
(c)provision for imposing on the applicant for certification or the nominated transferee an obligation to enter into a written agreement with, or to execute an instrument of another kind in favour of, the other; and
(d)supplemental, incidental and consequential provision.
(3) The property, rights or liabilities which may be transferred by a property arrangements scheme include property, rights or liabilities which would not otherwise be capable of being transferred.
(4) If a property arrangements scheme provides for the division of an estate in land and any rent is—
(a)payable in respect of the estate under a lease; or
(b)charged on the estate,
the scheme may contain provision for apportionment or division so that one part is payable in respect of, or charged on, only one part of the estate and the other part is payable in respect of, or charged on, only the other part of the estate.
(5) A property arrangements scheme that contains provision which adversely affects a third party may also contain provision requiring the nominated transferee or the applicant for certification to pay the third party compensation.
Commencement Information
I1Sch. 1 para. 1 in operation at 15.4.2011, see reg. 1