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Paragraph 5 Property transfer schemesI1I2

England and Wales

(1)

The Secretary of State may make one or more schemes for the transfer of property, rights and liabilities from Public Sector Audit Appointments Limited (a company limited by guarantee with the registered number 09178094) (“PSAA”) to the Local Audit Office.

(2)

A scheme under sub-paragraph (1) is referred to in this paragraph as a “property transfer scheme”.

(3)

The things that may be transferred under a transfer scheme include—

(a)

property, rights and liabilities that could not otherwise be transferred;

(b)

property acquired, and rights and liabilities arising, after the making of the scheme.

(4)

A transfer scheme may—

(a)

create rights, or impose liabilities, in relation to property or rights transferred;

(b)

make provision about the continuing effect of things done by PSAA in respect of anything transferred;

(c)

make provision about the continuation of things (including legal proceedings) in the process of being done by, on behalf of or in relation to PSAA in respect of anything transferred;

(d)

make provision for references to PSAA in an instrument or other document in respect of anything transferred to be treated as references to the Local Audit Office;

(e)

make provision for the shared ownership or use of property;

(f)

make other consequential, supplementary, incidental or transitional provision.

(5)

A transfer scheme may provide—

(a)

for modifications by agreement;

(b)

for modifications to have effect from the date when the original scheme came into effect.

(6)

In this paragraph, references to the transfer of property include the grant of a lease.

Annotations

Commencement

I1

Sch. 34 para. 5 not in force at Royal Assent, see s. 108(6)

I2

Sch. 34 para. 5 in force at 15.7.2026 by S.I. 2026/812, reg. 2(2)