Modifications etc. (not altering text)
C1Pt. II (ss. 65-95) extended (15.12.2001) by S.I. 2001/4011, art. 12(1)(a)
(1)This section applies to any scheme under subsection (1) or (2) of section 66 or subsection (1) of section 67 above (in this Part referred to as a “transfer scheme”); and in this section and section 69 below “the relevant subsection”, in relation to such a scheme, means that subsection.
(2)A transfer scheme may—
(a)define the property, rights and liabilities to be allocated to a particular company nominated for the purposes of the relevant subsection—
(i)by specifying or describing the property, rights and liabilities in question;
(ii)by referring to all the property, rights and liabilities comprised in a specified part of the transferor’s undertaking; or
(iii)partly in the one way and partly in the other;
(b)provide that any rights or liabilities specified or described in the scheme shall be enforceable either by or against either or any, or by or against both or all, of two or more companies nominated for the purposes of the relevant subsection;
(c)impose on any company nominated for the purposes of the relevant subsection an obligation to enter into such written agreements with, or execute such other instruments in favour of, any other company so nominated as may be specified in the scheme; and
(d)make such supplemental, incidental and consequential provision as the transferor considers appropriate (including provision specifying the order in which any transfers or transactions are to be regarded as taking effect).
(3)An obligation imposed by a provision included in a transfer scheme by virtue of subsection (2)(c) above shall be enforceable by civil proceedings by the other company for an injunction or for interdict or for any other appropriate relief.
(4)A transaction of any description which is effected in pursuance of such a provision as is mentioned in subsection (3) above—
(a)shall have effect subject to the provisions of any enactment which provides for transactions of that description to be registered in any statutory register; but
(b)subject to that, shall be binding on all other persons, notwithstanding that it would, apart from this subsection, have required the consent or concurrence of any other person.
(5)Where a lease of any land is granted in pursuance of such a provision as is mentioned in subsection (3) above, any right of pre-emption or other like right affecting that land—
(a)shall not become exercisable by reason of the grant of the lease; but
(b)shall have effect as if the lessee were the same person in law as the lessor.