§ '.—(1) The property, rights and liabilities which may be transferred by a transfer or pension instrument include property, rights and liabilities that would not otherwise be capable of being transferred or assigned.
§ (2) No right of reverter, right of pre-emption, right of forfeiture, right of re-entry, right to compensation, option or similar right affecting any land or other property shall operate or become exercisable as a result of any transfer of land or other property by virtue of a transfer or pension instrument (whether or not any consent required to the transfer has been obtained).
§ (3) Any such right or option shall accordingly have effect in the case of any such transfer as if—
- (a) the transferee in relation to that transfer were the same person in law as the transferor; and
- (b) no transfer of the land or other property had taken place.
§ (4) Subsection (3) above is without prejudice to section (Continuity: repealed or revoked functions of LRT) above, section (Continuity) below or any other provision made by or under this Act which makes transitional provision in relation to a transfer.
§ (5) Subsections (2) to (4) above shall have effect in relation to—
- (a) the grant or creation of an estate or interest in, or right over, any land or other property, or
- (b) the doing of any other thing in relation to land or other property, as it has effect in relation to a transfer of land or other property.
§ (6) No right to terminate or vary a contract, and no other rights under a contract, shall operate or become exercisable by reason of any transfer of shares by virtue of a transfer or pension instrument.
§ (7) A transfer or pension instrument may define the property, rights and liabilities to be transferred by it—
- (a) by specifying or describing them;
- (b) by referring to all (or all but so much as may be excepted) of the property, rights and liabilities comprised in a specified part of the undertaking of the transferor; or
- (c) partly in the one way and partly in the other.
§ (8) A transfer or pension instrument may make provision for the apportionment or division of any property, rights or liabilities.
§ (9) Where a transfer or pension instrument makes provision for the apportionment or division between two or more persons of any rights or liabilities under a contract, the contract shall have effect, as from the coming into force of the provision, as if it constituted two or more separate contracts separately enforceable by and against each of those persons respectively as respects the part of the rights or liabilities which falls to him as a result of the apportionment or division.
§ (10) The provision that may be made by a transfer or pension instrument includes provision for —
- (a) any transfer of land or other property by virtue of the instrument,
- (b) the grant or creation of any estate or interest in, or right over, any land or other property by virtue of the instrument, or
- (c) the doing of any other thing in relation to land or other property by virtue of the instrument,
§ to be on such terms, including financial terms, as the body or person making the instrument thinks fit.
§ (11) A transfer or pension instrument, other than an order under section (Pensions) above, may provide—
- (a) that disputes as to the effect of the instrument between the transferor and any transferee are to be referred to such arbitration as may be specified in or determined under the instrument;
- (b) that determinations on such arbitrations and certificates given jointly by the transferor and any transferee as to the effect of the instrument as between them are to be conclusive for all purposes.
§ (12) A Minister of the Crown may by order confer on any body or person to whom property, rights or liabilities are transferred by a transfer or pension instrument any statutory functions which were previously exercisable in relation to that property or, as the case may be, those rights or liabilities—
- (a) by a body or person falling within subsection (3) of section (Transfers of property, rights or liabilities) above; or
- (b) in the case of a transfer under or by virtue of section (Pensions) below, the transferor under the instrument.
§ (13) If at any time after a transfer or pension instrument has come into force a Minister of the Crown considers it appropriate to do so, having consulted any body which, or person who, may be affected, he may by order provide that the instrument shall for all purposes be deemed to have come into force with such modifications as may be specified in the order.
§ (14) An order under sub-paragraph (13) above may make such provision as could have been made by the instrument.
§ (15) It shall be the duty of each of the bodies and persons falling within subsection (3) of section (Transfers of property, rights or liabilities) above to provide any Minister of the Crown with such information or assistance as he may reasonably require for the purposes of, or in connection with, the exercise of any powers exercisable by him in relation to transfer or pension instruments.
§ (16) In this section "transfer or pension instrument" means—
- (a) an order under section (Transfers of property, rights or liabilities) or (Pensions) above; or
- (b) a scheme under section (Transfer schemes) above.'.—[Mr. Dowd.]
§ Brought up, read the First and Second time, and added to the Bill.