SCHEDULES
SCHEDULE 11Postal transfer schemes
Making of postal transfer schemes
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1
The old company may for the purpose of giving effect to the proposed transfer make a scheme (a “postal transfer scheme”) for the transfer of property, rights and liabilities from it to the new company (or companies).
2
A postal transfer scheme has effect only if—
a
the new company (or companies) have consented to the making of the scheme, and
b
the Secretary of State has approved the scheme.
3
A postal transfer scheme may be made only at a time when the postal administration order is in force in relation to the old company.
4
A postal transfer scheme takes effect at the time specified in the scheme.
5
In the case of a proposed transfer falling within section 69(4)(a) (transfer to wholly-owned subsidiary), sub-paragraph (2)(a) does not apply.