2(1)The property, rights and liabilities which may be transferred by a transfer scheme include—E+W+S
(a)property, rights and liabilities which would not otherwise be capable of being transferred or assigned; and
(b)rights and liabilities under enactments.
(2)No right of reverter, right of pre-emption, right of forfeiture, right of re-entry, right to compensation, option or similar right affecting any land or other property shall operate or become exercisable as a result of any transfer of land or other property by virtue of a transfer scheme whether or not any consent required to the transfer has been obtained.
(3)No right to terminate or vary a contract or instrument shall operate or become exercisable, and no provision of a contract or relevant document shall operate or become exercisable or be contravened, by reason of any transfer by virtue of a transfer scheme.
(4)For purposes connected with any transfers (including transfers of rights and liabilities under an enactment) made by virtue of a transfer scheme, or by virtue of an instrument or agreement made in connection with a transfer scheme, a body or person to which anything is transferred by any such transfer is to be treated as the same person in law as the body or person from which that thing is transferred, except as otherwise provided in the transfer scheme, instrument or agreement.
(5)Sub-paragraph (4) above is without prejudice to section 415 of this Act or any other provision made by or under this Act which makes transitional provision in relation to a transfer.
(6)Sub-paragraphs (2) to (5) above shall have effect in relation to—
(a)the grant or creation of an estate or interest in, or right over, any land or other property, or
(b)the doing of any other thing in relation to land or other property,
as they have effect in relation to a transfer of land or other property.
(7)In this paragraph, “relevant document” means—
(a)any enactment, other than an enactment contained in this Act;
(b)any subordinate legislation made otherwise than under this Act; or
(c)any deed or other instrument.
Modifications etc. (not altering text)
C1Sch. 12 para. 2(3) excluded (10.7.2003) by Railways and Transport Safety Act 2003 (c. 20), s. 114(4)