Paragraph 6 Division of property, rights or liabilities

(1)

A transfer scheme may contain provision for the division of property, rights or liabilities, including provision to—

(a)

create for the relevant undertaker or an acquiring licensee an interest in or right over property transferred in accordance with the scheme;

(b)

create for an acquiring licensee an interest in or right over property retained by the relevant undertaker;

(c)

create new rights and liabilities as between the relevant undertaker and an acquiring licensee or as between acquiring licensees.

(2)

A transfer scheme that contains provision under sub-paragraph (1) may make incidental modifications of the interests, rights or liabilities of third parties.

(3)

In paragraph (2), “third parties” means persons other than—

(a)

the relevant undertaker, or

(b)

an acquiring licensee that is a party to the transfer scheme.

(4)

Paragraph 5(1)(a) and (4) apply to the creation of interests and rights as they apply to the transfer of interests and rights.