Part 2Abolition of the Horserace Betting Levy System
16Property of the Levy Board
(1)
In this Part “transfer scheme” means a scheme providing for the transfer of specified property, rights and liabilities of the Horserace Betting Levy Board—
(a)
to a person specified in the scheme, and
(b)
at a time specified in the scheme.
(2)
If the Secretary of State directs the Board to make and submit to the Secretary of State a transfer scheme—
(a)
the Board shall comply with the direction,
(b)
the Secretary of State may approve the scheme with or without modification, and
(c)
if approved, the scheme shall have effect.
(3)
A direction of the Secretary of State under subsection (2)—
(a)
shall specify a date by which the transfer scheme is to be made;
(b)
may specify property, rights or liabilities to be transferred by the transfer scheme;
(c)
may specify to whom property, rights or liabilities are to be transferred by the transfer scheme.
(4)
The Secretary of State may make a transfer scheme if—
(a)
the Board fails to comply with a direction under subsection (2), or
(b)
the Secretary of State decides not to approve a scheme submitted under that subsection.
(5)
A transfer scheme made under subsection (4) shall have effect.
(6)
The Secretary of State shall not make or approve a transfer scheme under this section unless satisfied that any property or rights transferred will be used or exercised for the purpose of—
(a)
the improvement of breeds of horses,
(b)
the advancement or encouragement of veterinary science or veterinary education, or
(c)
the improvement of horse racing.
(7)
Schedule 3 (which makes supplementary provision in connection with directions and schemes under this section) shall have effect.