Paragraph 7

(1)

The scheme must, in relation to each transfer for the purposes of the reorganisation of property, rights or liabilities of the Board, or of a subsidiary of the Board, specify (either individually or by reference to membership of a class) to whom the transfer is to be made.

(2)

The scheme must not provide for the transfer of property, rights or liabilities of the Board, or of a subsidiary of the Board, to anyone who is not an eligible transferee.

(3)

For the purposes of sub-paragraph (2), the following are eligible transferees—

(a)

in relation to property, rights and liabilities of the Board, any body falling within Article 14(4)(a), (b) or (c);

(b)

in relation to property, rights and liabilities of a subsidiary of the Board—

(i)

any body falling within Article 14(4)(a), (b) or (c); and

(ii)

the Board;

(c)

in relation to property and rights of the Board, or of a subsidiary of the Board, persons who are, or have been, registered producers.