9(1)This paragraph applies in the case of a nuclear transfer scheme where a transferee agrees in writing—U.K.
(a)with the transferor,
(b)with another transferee under that scheme, or
(c)with a transferor or transferee under another nuclear transfer scheme,
that provision falling within sub-paragraph (2) be made for the purpose of modifying the effect of the scheme or (as the case may be) the effect of either or both of the schemes.
(2)That provision is provision that—
(a)property, rights or liabilities transferred in accordance with the scheme or either of them, and
(b)property, rights or liabilities acquired or incurred since the transfer in respect of the transferred property, rights or liabilities,
be transferred from one party to the agreement to the other as from a date appointed by the agreement.
(3)If—
(a)the agreement is entered into within the period of three years after the coming into force of any transfer made in accordance with either of the schemes to a party to the agreement, and
(b)the Secretary of State has given his approval to the transfer for which the agreement provides, and to its terms and conditions,
the transfer for which the agreement provides shall take effect on the date appointed by the agreement as if it were a transfer in accordance with a nuclear transfer scheme.
(4)Subject to the approval of the Secretary of State and to sub-paragraph (5), the provisions that may be contained in a modification agreement include any provision in relation to a transfer for which it provides as is capable of being contained in a nuclear transfer scheme in relation to a transfer for which the scheme provides.
(5)Nothing in a modification agreement is to provide for interests, rights or liabilities to be created, as opposed to transferred, except as between persons who are parties to the agreement.
(6)Before—
(a)refusing his approval for the purposes of this paragraph, or
(b)giving his approval for those purposes in a case where the NDA is not a party to the proposed agreement,
the Secretary of State must consult the NDA.
(7)The consent of the Treasury is required for the giving of an approval by the Secretary of State for the purposes of this paragraph.
(8)In this paragraph references to a transfer in accordance with a nuclear transfer scheme include references to the creation of an interest, right or liability in accordance with such a scheme.
Commencement Information
I1Sch. 5 para. 9 in force at 5.10.2004 by S.I. 2004/2575, art. 2(1), Sch. 1