Section 3 Submission and approval of schemes.

A scheme made under the last foregoing section shall not come into operation until it has been submitted to His Majesty in Council for approval, and has been approved by Order in Council.

Before any such scheme is submitted to His Majesty in Council, a copy thereof shall be laid before each House of Parliament for a period of forty days, and if either House within that period resolves that the scheme shall not be proceeded with, no further proceedings shall be taken thereon, without prejudice to the making of a new scheme.

In reckoning for the purposes of the last foregoing subsection the period of forty days therein mentioned, no account shall be taken of any time during which Parliament is dissolved or prorogued or during which both Houses are adjourned for more than four days.

A scheme approved under this section shall have effect notwithstanding any instrument (including an Act of Parliament) relating to any trust to which the scheme applies.

A scheme approved under this section may be varied or revoked by a subsequent scheme made and approved in like manner and subject to the like conditions.