SCHEDULES
SCHEDULE 11Postal transfer schemes
Effect of postal transfer scheme: general
I110
1
At the time at which a postal transfer scheme takes effect—
a
the property, rights and liabilities to be transferred in accordance with the scheme, and
b
the interests, rights and liabilities to be created in accordance with the scheme,
are, as a result of this paragraph, to vest in the appropriate person.
2
For this purpose “the appropriate person” means—
a
in the case of property, rights and liabilities to be transferred, the new company (or companies), and
b
in the case of interests, right and liabilities to be created, the person in whose favour, or in relation to whom, they are to be created.