1(1)The Authority may, with the consent of the Secretary of State, make schemes for the transfer of property, rights and liabilities (including rights and liabilities relating to contracts of employment) from the Authority or a company which is wholly owned by the Authority to any other person or persons specified in sub-paragraph (2).
(2)The persons referred to in sub-paragraph (1) are—
(a)the Authority,
(b)a company which is wholly owned by the Authority,
(c)the Secretary of State, and
(d)a franchise company.