7.—(1) This paragraph applies in any case where a scheme under this Schedule provides for the transfer of any external assets or liabilities.N.I.
(2) It shall be the duty of the existing appointee and the new appointee to take, as and when the new appointee considers appropriate, all such steps as may be requisite to secure that the vesting in the new appointee by virtue of the transfer of any external asset or liability is effective under the relevant law.
(3) Until the vesting in the new appointee, by virtue of the transfer, of any external asset or liability is effective under the relevant external law, it shall be the duty of the existing appointee to hold that asset or right for the benefit of, or to discharge that liability on behalf of, the new appointee.
(4) Nothing in sub-paragraphs (2) and (3) shall be taken as prejudicing the effect under the law of Northern Ireland of the vesting in the new appointee by virtue of the transfer of any external asset or liability.
(5) The existing appointee shall have all such powers as may be requisite for the performance of its duty under this paragraph, but it shall be the duty of the new appointee to act on behalf of the existing appointee (so far as possible) in performing the duty imposed on the existing appointee by this paragraph.
(6) Duties imposed on the existing appointee or the new appointee by this paragraph shall be enforceable in the same way as if the duties were imposed by a contract between them.
(7) Any expenses incurred by the existing appointee under this paragraph shall be met by the new appointee.
Commencement Information
I1Sch. 1 para. 7 partly in operation; Sch. 1 para. 7 not in operation at date of making see art. 1(2); Sch. 1 para. 7 in operation for certain purposes at 1.4.2007 by S.R. 2007/194, art. 2(2), Sch. 1 Pt. II (subject to art. 3, Sch. 2)