SCHEDULES
SCHEDULE 3 Transfer to the Post Office company: supplementary provisions
Third party rights relating to land
6
F21
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2
In this paragraph “relevant land right” means any of the following rights relating to land—
a
a right of reverter (or, in Scotland, the right of the fiar on the termination of a liferent),
b
a right of pre-emption,
c
a right of forfeiture,
d
a right of re-entry,
e
a right of irritancy,
f
an option, and
g
a right similar to anything falling within paragraphs (a) to (f).
3
A relevant land right shall have effect, in the case of the transfer effected by virtue of section 62, as if—
a
F3the original holding company were the same person in law as the Post Office, and
b
no transfer of the land had taken place.
4
Such compensation as is just shall be paid by F3the original holding company to any person in respect of any relevant land right which would, apart from sub-paragraphs (1) to (3), have operated in favour of, or become exercisable by, that person but which, in consequence of the operation of those sub-paragraphs, cannot subsequently operate in his favour or (as the case may be) become exercisable by him.
5
Any dispute as to whether, or how much, compensation is payable or about the person to whom it is payable shall be referred to and determined by—
a
an arbitrator appointed by the President of the Royal Institution of Chartered Surveyors (if the proceedings are to be held in England and Wales),
b
an arbiter appointed by the Chairman of the Royal Institution of Chartered Surveyors in Scotland (if the proceedings are to be held in Scotland), or
c
an arbitrator appointed by the F1Chairman of the Royal Institution of Chartered Surveyors in Northern Ireland (if the proceedings are to be held in Northern Ireland).