§
.—(1) If the court makes an order under section (Sanction of the court for business transfer schemes)(1), it may by that or any subsequent order make such provision (if any) as it thinks fit—
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(2) An order under subsection (1)(a) may—
(3) If an order under subsection (1) makes provision for the transfer of property or liabilities—
(4) But if any property or liability included in the order is governed by the law of any country or territory outside the United Kingdom, the order may require the authorised person concerned, if the transferee so requires, to take all necessary steps for securing that the transfer to the transferee of the property or liability is fully effective under the law of that country or territory.
(5) Property transferred as the result of an order under subsection (1) may, if the court so directs, vest in the transferee free from any mortgage or charge which is (as a result of the scheme) to cease to have effect.
(6) An order under subsection (1) which makes provision for the transfer of property is to be treated as an instrument of transfer for the purposes of the provisions mentioned in subsection (7) and any other enactment requiring the delivery of an instrument of transfer for the registration of property.
(7) The provisions are—
(8) If the court makes an order under section (Sanction of the court for business transfer schemes)(1) in relation to an insurance business transfer scheme, it may by that or any subsequent order make such provision (if any) as it thinks fit—
entered into by the authorised person concerned and transferred as a result of the scheme.
(9) If, in the case of an insurance business transfer scheme, the authorised person concerned is not an EEA firm, it is immaterial for the purposes of subsection (1)(a), (c) or (e) or subsection (2), (3) or (4) that the law applicable to any of the contracts of insurance included in the transfer is the law of an EEA State other than the United Kingdom.
(10) The transferee must, if an insurance or banking business transfer scheme is sanctioned by the court, deposit two office copies of the order made under subsection (1) with the Authority within 10 days of the making of the order.
(11) But the Authority may extend that period.
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(12) "Property" includes property, rights and powers of any description.
(13) "Liabilities" includes duties.
(14) "Shares" and "debentures" have the same meaning as in—
Brought up, read the First and Second time, and added to the Bill.