8.—(1) At the time appointed for the purpose by a transfer scheme—
(a)property, rights and liabilities for whose transfer the scheme provides, and
(b)interests, rights and liabilities for whose creation the scheme provides,
are, by virtue of this sub-paragraph, transferred or (as the case may be) created in accordance with the scheme.
(2) A scheme may appoint different times for the transfer or creation of different things.