{
  "url": "https://openlegislation.uk/postal-services-act-2011-transfer-of-assets-order-2012/schedule-5/paragraph-7",
  "json_url": "https://openlegislation.uk/postal-services-act-2011-transfer-of-assets-order-2012/schedule-5/paragraph-7.json",
  "legislation": "uksi/2012/688",
  "legislation_title": "The Postal Services Act 2011 (Transfer of Assets) Order 2012",
  "legislation_url": "https://openlegislation.uk/postal-services-act-2011-transfer-of-assets-order-2012",
  "path": "schedule/5/paragraph/7",
  "kind": "paragraph",
  "number": "7",
  "heading": "Assets to be held on trust and discharge of Associated Liabilities",
  "text": "In relation to any Asset or Associated Liability to which this paragraph applies, the Trustee must, with effect on and from the first business day after the Effective Date or the Final Transfer Date, as applicable—\n(a) hold that Asset, and any proceeds of or income derived from that Asset, on trust for the benefit of the Fund;\n(b) deal with, exercise rights under or apply that Asset at the direction of the Fund;\n(c) transfer to the Fund (or apply at the Fund’s direction in relation to the Asset) any proceeds of or income derived from that Asset; and\n(d) discharge that Associated Liability on behalf of the Fund.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "I",
      "label": "I1",
      "text": "Sch. 5 para. 7 not in force at made date, see art. 1(2)"
    },
    {
      "type": "I",
      "label": "I2",
      "text": "Sch. 5 para. 7 in force at 1.4.2012 by S.I. 2012/966, arts. 2, 3(b)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2012/688/schedule/5/paragraph/7",
    "retrieved_at": "2026-10-29T01:38:15.441656+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}