Paragraph 5 Where the Trustee is unable to transfer an AssetI1I2
United Kingdom
This paragraph applies to an Asset that the Trustee is (or, but for this paragraph, would be) unable to transfer because—
there is a legal requirement to obtain the consent of a third party; or
any other legal restriction applies.
If an Asset falls within this paragraph and it is not constituted by any foreign property or right, either—
in respect of any such Asset that is constituted by rights under any contract, trust or other arrangement, the Fund will become a party to that contract, trust or other arrangement, in place of and on the same terms as applied to the Trustee immediately before that time on the first business day after the Effective Date or the Final Transfer Date; or
in respect of any such Asset not falling within (a), this sub-paragraph applies to override the legal requirement or restriction described in sub-paragraph (1), and the Trustee shall take all reasonable steps to transfer the asset as soon as is practicable.
Paragraph 7 applies in respect of an Asset that falls within this paragraph and is constituted by any foreign property or right and any Associated Liability related to that Asset, until that Asset transfers.
The Trustee must provide written confirmation to the Fund if it considers for any reason that an Asset falls within this paragraph, specifying whether the Asset falls within sub-paragraph (2)(a), 2(b) or (3).
Annotations
Commencement
- I1
Sch. 5 para. 5 not in force at made date, see art. 1(2)
- I2
Sch. 5 para. 5 in force at 1.4.2012 by S.I. 2012/966, arts. 2, 3(b)