18U.K.Nothing in—
(a)Part 23 of the Companies Act 2006 (distributions), or
(b)any rule of law relating to distributions by companies or the maintenance of capital by companies,
applies in relation to a transfer of property, rights or liabilities, or the creation of rights or interests, by or under a transfer scheme.
Commencement Information
I1Sch. 1 para. 18 in force at 1.10.2011 by S.I. 2011/2329, art. 3
19U.K.For the purposes of any enactment none of the following persons are to be regarded as shadow directors of a transferor or transferee in relation to anything done by or under a transfer scheme—
(a)the Secretary of State or the Treasury (or a nominee of either of them), or
(b)a person employed by, or acting on behalf of, anyone within paragraph (a).
Commencement Information
I2Sch. 1 para. 19 in force at 1.10.2011 by S.I. 2011/2329, art. 3