(1)The things which may be transferred by a transfer scheme include—
(a)anything which the transferor would not otherwise be capable of transferring or assigning;
(b)anything to which the transferor may become entitled or subject after the scheme is made and before it comes into force;
(c)anything situated anywhere in the United Kingdom or elsewhere;
(d)anything subsisting under an enactment;
(e)anything subsisting under the law of any part of the United Kingdom or of any country or territory outside the United Kingdom.
(2)A scheme may divide any property, rights or liabilities of a transferor and in connection with the division may—
(a)create for a transferor or transferee an interest in any property to which the scheme relates;
(b)create new rights and liabilities as between a transferor and a transferee with respect to any property to which the scheme relates;
(c)in connection with any provision made by virtue of paragraph (a) or (b), make incidental provision as to the interests, rights and liabilities of other persons with respect to any property to which the scheme relates.
(3)A scheme may impose obligations on a transferor and transferee to take any necessary steps to secure that the following have effect—
(a)any interest, right or liability created by virtue of subsection (2)(a) or (b);
(b)any incidental provision made by virtue of subsection (2)(c).
(4)A scheme may—
(a)impose on a transferor or transferee an obligation to enter into a specified written agreement with a specified person or persons (who may be or include a transferor or transferee);
(b)impose on a transferor or transferee an obligation to execute a specified instrument in favour of a specified person or persons (who may be or include a transferor or transferee);
(c)make provision (for instance, where part of particular property is transferred) that rights and liabilities specified or identified in the scheme are enforceable by or against a transferor or transferee (or both).
(5)A scheme may make such supplementary, incidental, consequential or transitional provisions as the scheme’s maker thinks are appropriate.
Commencement Information
I1S. 42 wholly in force at 1.2.2001, see s. 275(1)(2) and S.I. 2001/57, art. 3(1), Sch. 2 Pt. I (subject to the transitional provision and saving in Sch. 2 Pt. II)