5(1)Where a scheme provides for the transfer of property, rights or liabilities, or for the creation of interests, rights or liabilities—E+W
(a)the property or interests, rights or liabilities vest, without further assurance, in the transferee at that time, and
(b)the provisions of that scheme in relation to that property or those interests, rights or liabilities have effect from the time when the scheme comes into force.
(2)Sub-paragraph (1) is subject to provision under a scheme for—
(a)the transfer of property, rights or liabilities, or
(b)the creation of interests, rights and liabilities,
to be effected by or under an agreement or instrument entered into or executed in pursuance of an obligation imposed by virtue of paragraph 4(1).
(3)A certificate issued by the Secretary of State that any property, rights or liabilities have been transferred under a scheme is conclusive evidence of the transfer.
Commencement Information
I1Sch. 3 para. 5 in force at 5.3.2015 by S.I. 2015/481, reg. 2(a)