Transport Act 1985

129 Transfer schemes

(1) This section applies to any scheme under section 50(2), 59, 61(9) or 68 of this Act (referred to below in this section as a transfer scheme).

(2) A transfer scheme may define the property, rights and liabilities to be transferred by the scheme—

(a) by specifying the property, rights or liabilities in question; or

(b) by referring to all the property, rights and liabilities comprised in the whole or any specified part of the transferor's undertaking;

(or partly in one way and partly in the other) and may contain such supplementary, incidental and consequential provisions as may appear to the authority making the scheme to be necessary or expedient (including in particular, but without prejudice to the generality of that, provision with respect to the consideration to be provided by the transferee for any transfer under the scheme).

(3) Subject to the following provisions of this section, Schedule 4. to the 1968 Act (supplementary provisions as to certain transfers of property, rights and liabilities) shall apply to any transfer under section 50(4), 59(7), 61(11) or 68(7) of this Act; and each of those provisions shall have effect subject to the provisions of that Schedule.

(4) In Schedule 4 as it applies by virtue of subsection (3) above—

(a) any reference to a transfer by or a vesting by virtue of that Act shall be read as a reference to a transfer by or a vesting by virtue of the transfer scheme in question ; and

(b) the reference in paragraph 13(5) to the relevant provisions of that Act shall be read as including a reference to the relevant provisions of this Act.

(5) The Secretary of State may by order make modifications in Schedule 4 for the purposes of its application to transfers under section 50(4), 59(7), 61(11) or 68(7) of this Act.