(1)Section 27 of the M1London Regional Transport Act 1984 (supplementary provisions with respect to transfer schemes) shall be amended as follows.
(2)In subsection (9) (modifications of Schedule 4 to the M2Transport Act 1968 in its application by subsection (8)) the word and at the end of paragraph (a) shall be omitted and after that paragraph there shall be inserted—
“(aa)the reference in paragraph 1(1) to all property, rights and liabilities comprised in a specified part of the transferor’s undertaking shall be read as including a reference to all such property, rights and liabilities subject to such exceptions as may be specified or described, or otherwise provided for, by the transfer scheme in question;
(ab)the reference in paragraph 13(1) to requiring the consent or concurrence of any person shall be read as including—
(i)a reference to being (and, where applicable, continuing after the transaction) in breach of any condition, requirement or restriction, and
(ii)a reference to any relevant right or option operating or becoming exercisable,
(and any such relevant right or option shall accordingly have effect as if the transferee were the same person in law as the transferor and no transaction had taken place); and”.
(3)After subsection (9) there shall be inserted—
“(10)In subsection (9)(ab) above relevant right or option means any 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, or any right to terminate or vary a contract.”