Article 5 Transfer of Assets

(1)

On the winding up of the Staff Pension Fund and the Transport Operatives Pension Scheme in accordance with article 4 the Trustees shall make provision for the payment and transfer of the funds in accordance with paragraph (2).

(2)

The Trustees shall–

(a)

make payment from the funds of all costs, charges and expenses of the winding up; and

(b)

transfer any balance of the funds to Scottish Bus Group.

(3)

Any balance of the funds transferred to Scottish Bus Group in accordance with paragraph (2) shall be applied by it in terms of the Scottish Bus Group Disposal Programme prepared by the Secretary of State for Scotland under section 1 of the Transport (Scotland) Act 1989^f1.

Annotations

Footnotes

f1: 1989 c. 23. Copies of the Scottish Bus Group Disposal Programme may be obtained free of charge from the Scottish Office Development Department, Victoria Quay, Edinburgh.