Paragraph 10 I1

(1)

At the time at which a postal transfer scheme takes effect—

(a)

the property, rights and liabilities to be transferred in accordance with the scheme, and

(b)

the interests, rights and liabilities to be created in accordance with the scheme,

are, as a result of this paragraph, to vest in the appropriate person.

(2)

For this purpose “the appropriate person” means—

(a)

in the case of property, rights and liabilities to be transferred, the new company (or companies), and

(b)

in the case of interests, right and liabilities to be created, the person in whose favour, or in relation to whom, they are to be created.

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