Paragraph 1

In this Schedule—

• “the Charter” means the M1Royal Charter of 1st May 1996 for the continuance of the British Broadcasting Corporation;

• “preparatory scheme” means a transfer scheme whose main purpose is to provide for a transfer of property, rights or liabilities from the BBC to a wholly-owned subsidiary of the BBC;

• “successor company” means a company to which property, rights or liabilities are transferred in accordance with a preparatory scheme at a time when the company is a wholly-owned subsidiary of the BBC;

• “transfer” includes—

  1. (a)

     any transfer effected by or under an agreement or instrument entered into or executed in pursuance of an obligation imposed by a provision contained in a preparatory scheme by virtue of paragraph 2(1)(g) of Schedule 5;

  2. (b)

     the creation of interests, rights or liabilities by or under any such agreement or instrument; and

  3. (c)

     the creation of interests, rights or liabilities by virtue of any provision contained in a preparatory scheme by virtue of paragraph 2 of Schedule 5;

  and references to a transfer in accordance with a preparatory scheme shall be construed accordingly;

• “wholly-owned subsidiary” has the meaning given by F1section 1159 of the Companies Act 2006 .

Any reference in this Schedule to vesting in accordance with a preparatory scheme or vesting effected by a preparatory scheme shall be construed as a reference to vesting as a result of a transfer in accordance with a preparatory scheme.