# Oil and Pipelines Act 1985, Paragraph 3


(1) ) It shall be the duty of the Corporation and of the Agency to take, as and when during the transitional period the Agency considers appropriate, all such steps as may be requisite to secure that the vesting in the Agency by virtue of section 3 of this Act or this paragraph of any foreign property, right or liability is effective under the relevant foreign law.
(2) During the transitional period, until the vesting in the Agency by virtue of section 3 of this Act or this paragraph of any foreign property, right or liability is effective under the relevant foreign law, it shall be the duty of the Corporation to hold that property or right for the benefit of, or to discharge that liability on behalf of, the Agency.
(3) Nothing in sub-paragraphs (1) and (2) above shall be taken as prejudicing the effect under the law of the United Kingdom or of any part of the United Kingdom of the vesting in the Agency by virtue of section 3 of this Act or this paragraph of any foreign property, right or liability.
(4) The Corporation shall have all such powers as may be requisite for the performance of its duty under this paragraph, but—
(a) it shall be the duty of the Agency during the transitional period to act on behalf of the Corporation (so far as possible) in performing the duty imposed on the Corporation by this paragraph; and
(b) any foreign property, rights and liabilities acquired or incurred by the Corporation during that period shall immediately become property, rights and liabilities of the Agency.
(5) References in this paragraph to any foreign property, right or liability are references to any property, right or liability as respects which any issue arising in any proceedings would have been determined (in accordance with the rules of private international law) by reference to the law of a country or territory ouside the United Kingdom.
(6) Any expenses incurred by the Corporation under this paragraph shall be met by the Agency.

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Source: https://www.legislation.gov.uk/ukpga/1985/62/schedule/2/paragraph/3 (the official version)
Page: https://openlegislation.uk/oil-and-pipelines-act-1985/schedule-2/paragraph-3
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.