Textual Amendments
F1Ss. 75C-75F inserted (28.11.2007 except for the insertion of s. 75C(11)) by Charities Act 2006 (c. 50), ss. 44, 79(2) (with Sch. 10 para. 14); S.I. 2007/3286, art. 2, Sch. 1
(1)Subsection (2) below applies to a declaration which—
(a)is made by deed for the purposes of this section by the charity trustees of the transferor,
(b)is made in connection with a relevant charity merger, and
(c)is to the effect that (subject to subsections (3) and (4)) all of the transferor’s property is to vest in the transferee on such date as is specified in the declaration (“the specified date”).
(2)The declaration operates on the specified date to vest the legal title to all of the transferor’s property in the transferee, without the need for any further document transferring it.
This is subject to subsections (3) and (4).
(3)Subsection (2) does not apply to—
(a)any land held by the transferor as security for money subject to the trusts of the transferor (other than land held on trust for securing debentures or debenture stock);
(b)any land held by the transferor under a lease or agreement which contains any covenant (however described) against assignment of the transferor’s interest without the consent of some other person, unless that consent has been obtained before the specified date; or
(c)any shares, stock, annuity or other property which is only transferable in books kept by a company or other body or in a manner directed by or under any enactment.
(4)In its application to registered land within the meaning of the Land Registration Act 2002, subsection (2) has effect subject to section 27 of that Act (dispositions required to be registered).
(5)In this section “relevant charity merger” has the same meaning as in section 75C.
(6)In this section—
(a)any reference to the transferor, in relation to a relevant charity merger, is a reference to the transferor (or one of the transferors) within the meaning of section 75C above, and
(b)any reference to all of the transferor’s property, where the transferor is a charity within section 75C(5), is a reference to all of the transferor’s unrestricted property (within the meaning of that provision).
(7)In this section any reference to the transferee, in relation to a relevant charity merger, is a reference to—
(a)the transferee (within the meaning of section 75C above), if it is a company or other body corporate, and
(b)otherwise, to the charity trustees of the transferee (within the meaning of that section).]