5(1)A transfer scheme may impose on a transferee or transferor an obligation—U.K.
(a)to enter into an agreement (specified or described in the scheme) with another person on whom a corresponding obligation is, could be or has been imposed as a result of this paragraph (whether in the same or a different scheme), or
(b)to execute an instrument (specified or described in the scheme) in favour of such a person.
(2)A transfer scheme that imposes such an obligation may provide that paragraph 3(3) applies (to the extent specified in the scheme) in relation to—
(a)a transfer made by or under an agreement or instrument made in pursuance of the obligation, and
(b)interests or rights created by or under such an agreement or instrument.
(3)Subject to that, nothing in paragraph 3 enables—
(a)an agreement or instrument made in pursuance of such an obligation, or
(b)anything done under such an agreement or instrument,
to give effect to a transfer, or to create an interest or right, that could not otherwise have been made or created by or under the agreement or instrument.
(4)An obligation imposed as a result of sub-paragraph (1) may be enforced by the person with, or in favour of, whom the agreement or instrument is to be entered into or executed, in proceedings for any of the following—
(a)an injunction,
(b)specific performance of a statutory duty under section 45 of the Court of Session Act 1988,
(c)any other appropriate remedy or relief.
Commencement Information
I1Sch. 1 para. 5 in force at 1.10.2011 by S.I. 2011/2329, art. 3