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Paragraph 10 Effect of transfer scheme

Original text. Later amendments are not shown.

(1)

At the time at which a transfer scheme takes effect—

(a)

any property, rights or liabilities to be transferred by the scheme become, by virtue of this sub-paragraph, the property, rights or liabilities of the person to whom the scheme provides for them to be transferred; and

(b)

any interests, rights or liabilities to be created by the scheme become, by virtue of this sub-paragraph, the interests, rights or liabilities of the person in whose favour or in relation to whom the scheme provides for them to be created.

(2)

But a transfer scheme is of no effect if the relevant undertaker’s permission to withdraw from the non-household retail market lapses under regulation 15.