Schemes for transfer of assets and liabilities
5.—(1) The Department must, in connection with the dissolution of the Regional Board, make one or more schemes for the transfer of all the assets and liabilities of the Board.
(2) A scheme may transfer assets and liabilities to—
(a)the Department; or
(b)the Regional Business Services Organisation.
(3) A scheme must—
(a)designate the assets or liabilities to be transferred by it (see paragraph 1(1) of Schedule 3 for how assets and liabilities may be designated);
(b)specify the person to whom each asset or liability is to be transferred;
(c)specify the date on which the scheme is to have effect (the “transfer date”).
(4) On the transfer date the designated assets or liabilities are transferred and vest in accordance with the scheme.
(5) Schedule 3 contains provision about schemes.