(1)A scheme under section 1 or 15 may define the property, rights and liabilities to be transferred by the scheme—
(a)by specifying the property, rights and 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, provision with respect to the consideration to be furnished by the transferee for any transfer under the scheme, whether in the case of a scheme under section 15 it is to be furnished to the transferor or to any other person).
(2)A scheme under section 1 or 15 may—
(a)provide that any functions of the transferor under any statutory provision not contained in this Act shall, to the extent to which that provision relates—
(i)to property transferred by the scheme, or
(ii)to any undertaking of the transferor, or part of such an undertaking, so transferred,
be transferred to the transferee under the scheme ; and
(b)define any such functions—
(i)by specifying the statutory provision in question,
(ii)by referring to all the statutory provisions (not contained in this Act) which relate to the property, or to the undertaking or part of the undertaking, to be transferred by the scheme, or
(iii)by referring to all the statutory provisions within sub-paragraph (ii), but specifying certain excepted provisions.
(3)Subject to the following provisions of this section, Schedule 4 to the [1968 c. 73.] Transport Act 1968 (supplementary provisions as to certain transfers of property, rights and liabilities) shall apply to any transfer under section 1(8) or 15(7); and each of those provisions shall have effect subject to the provisions of that Schedule.
(4)In Schedule 4 to that Act as it applies by virtue of subsection (3)—
(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 scheme in question;
(b)the reference in paragraph 8 to any of the transferred rights and liabilities shall be read as including a reference to any property or functions transferred by the scheme;
(c)the reference in paragraph 10, in relation to pending legal proceedings or applications, to any transferred property, right or liability shall be read as including a reference to any functions transferred by the scheme; and
(d)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 1(8) or 15(7) of this Act.
(6)For the purposes of this Act, and of Schedule 4 as it applies by virtue of subsection (3), the granting of a lease of any property by a scheme under section 1 or 15 to the transferee under the scheme shall be regarded as a transfer of that property to him by the scheme.
(7)In this section " statutory provision" means any provision (whether of a general or special nature) contained in, or having effect under, any Act (whether public general or local).