2(1)It shall be the duty of each existing body and their successor to take, as and when during the existing body’s transitional period the successor considers appropriate, all such steps as may be requisite to secure that the vesting in the successor, by virtue of section 22(1) of this Act or this paragraph, of any foreign property, right or liability is effective under the relevant foreign law.S
(2)During their transitional period, until such vesting as is mentioned in sub-paragraph (1) above in their successor is effective in foreign law, it shall be the duty of each existing body to hold the property or right in question for the benefit of, or to discharge the liability on behalf of, the successor.
(3)Nothing in sub-paragraph (1) and (2) above shall be taken as prejudicing the effect under the law of the United Kingdom or of any part of the United Kingdom of such vesting as is so mentioned.
(4)Each existing body shall have all such powers as may be requisite for the performance of their duty under this paragraph, but—
(a)it shall be the duty of their successor during the existing body’s transitional period to act on their behalf (so far as possible) in performing the duty imposed on the existing body by this paragraph; and
(b)any foreign property, right or liability acquired or incurred by the existing body during that period shall immediately become the property, right or liability of their successor.
(5)References in this paragraph to any foreign property, right or liability are references to any property, right or liability as respects which any issue arising in any proceedings would have been determined (in accordance with the rules of private international law) by reference to the law of a country or territory outwith the United Kingdom.
(6)Any expenses incurred by an existing body under this paragraph shall be met by their successor.