Article 14 Statutory transfer on vesting day

(1)

On the vesting day under an approved scheme, any transfer under the scheme which—

(a)

is a qualifying transfer; and

(b)

is a transfer which the scheme provides is to have effect under this Article,

shall have effect by virtue of this Order.

(2)

Paragraph (1) shall not apply if—

(a)

a notice under paragraph (4) of Article 13 has been given in respect of the scheme; and

(b)

the notice has not been withdrawn under paragraph (6) of that Article.

(3)

For the purposes of paragraph (1)(a), a transfer is a qualifying transfer if it is—

(a)

a transfer of property, rights or liabilities of—

(i)

the Board; or

(ii)

a subsidiary of the Board,

to a body which is a qualifying body; or

(b)

a transfer of property, rights or liabilities of a subsidiary of the Board to the Board.

(4)

For the purposes of paragraph (3), a body is a qualifying body if it is—

(a)

a society registered under the Industrial and Provident Societies Act (Northern Ireland) 1969F1 which has not previously traded;

(b)

a company registered under the Companies (Northern Ireland) Order 1986F2 which has not previously traded; or

(c)

a company registered under that Order which was a subsidiary of the Board immediately before the day on which this Order is made.

Annotations