16(1)The Secretary of State may make one or more schemes for the transfer of designated property, or designated rights or liabilities under an investment contract—U.K.
(a)from the Secretary of State (“the transferor”) to a CFD counterparty (“the transferee”);
(b)from the Secretary of State (“the transferor”) to an investment contract counterparty (“the transferee”);
(c)from an investment contract counterparty (“the transferor”) to a CFD counterparty (“the transferee”);
(d)from a person who has ceased to be an investment contract counterparty (“the transferor”) to a person who is an investment contract counterparty (“the transferee”).
(2)If a scheme provides for a CFD counterparty to be the transferee, regulations may provide for the investment contract to be treated to any extent as a CFD for the purposes of provision made by or by virtue of Chapter 2 of Part 2 of this Act.
(3)Sub-paragraph (4) applies from the beginning of the first day on which all of the following three conditions are met, namely—
(a)a definition of an “eligible generator” is in force by virtue of section 10(3) or the date is 1st January 2016 or later;
(b)a designation under section 7(1) has effect;
(c)provision required by section 9(1) to be made is in force.
(4)The Secretary of State must in respect of each investment contract, within such period of time as the Secretary of State considers reasonable—
(a)make a transfer scheme by virtue of sub-paragraph (1)(a) or (c) to ensure the transfer of all rights and liabilities under the investment contract, and
(b)make provision under sub-paragraph (2) for the investment contract to be treated as a CFD for the purposes of all provision made by or by virtue of Chapter 2 of Part 2 of this Act.
(5)But sub-paragraph (4) does not apply to the extent that the Secretary of State considers it appropriate in all the circumstances of the case to disapply it.
(6)On the transfer date, the designated property, rights and liabilities are transferred and vest in accordance with the scheme.
(7)The rights and liabilities that may be transferred by a scheme include those arising under or in connection with a contract of employment.
(8)A certificate by the Secretary of State that anything specified in the certificate has vested in any person by virtue of a scheme is conclusive evidence for all purposes of that fact.
(9)In this paragraph and paragraph 17—
“designated”, in relation to a scheme, means specified in or determined in accordance with the scheme;
“property” includes interests of any description;
“the transfer date” means a date specified by a scheme as the date on which the scheme is to have effect.