Making of postal transfer schemesU.K.
3(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).U.K.
(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.
Commencement Information
I1Sch. 11 para. 3 in force at 1.10.2011 by S.I. 2011/2329, art. 3