Parliamentary Corporate Bodies Act 1992
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Change 1
5 Schemes and transfers: supplementary provisions.
(1) A transfer scheme may contain such supplementary, incidental, consequential or transitional provisions as appear to the Secretary of State to be necessary or expedient and may revoke or vary any provision of an earlier transfer scheme. (2) An agreement, transaction or other thing (not contained in an enactment) which has been made, effected or done by, to or in relation to the Secretary of State (or has effect as if so made, effected or done) and which— (a) immediately before the appointed day is in force or effective, and (b) relates to any property, right or liability to be transferred from the Secretary of State in accordance with a transfer scheme, shall on and after that day have effect as if made, effected or done by, to or in relation to the transferee corporation. (3) Where any agreement, transaction or other thing has effect in accordance with subsection (2) above, any reference to the Secretary of State in any document incorporating or otherwise connected with the agreement, transaction or other thing (and any reference required to be construed as such a reference) shall on and after the appointed day be construed as a reference to the transferee corporation. (4) Stamp duty shall not be chargeable on any instrument which is certified to the Commissioners of Inland Revenue by the Secretary of State as being a transfer scheme. (5) Nothing in subsection (4) above affects the provisions of the Stamp Act 1891 so far as they make an instrument which is not duly stamped inadmissible in evidence unless it is stamped with a particular stamp denoting that it is not chargeable to duty. (6) In this section “the appointed day” has the meaning given by section 3(3) above.
5 Schemes and transfers: supplementary provisions.
(1) A transfer scheme may contain such supplementary, incidental, consequential or transitional provisions as appear to the Secretary of State to be necessary or expedient and may revoke or vary any provision of an earlier transfer scheme. (2) An agreement, transaction or other thing (not contained in an enactment) which has been made, effected or done by, to or in relation to the Secretary of State (or has effect as if so made, effected or done) and which— (a) immediately before the appointed day is in force or effective, and (b) relates to any property, right or liability to be transferred from the Secretary of State in accordance with a transfer scheme, shall on and after that day have effect as if made, effected or done by, to or in relation to the transferee corporation. (3) Where any agreement, transaction or other thing has effect in accordance with subsection (2) above, any reference to the Secretary of State in any document incorporating or otherwise connected with the agreement, transaction or other thing (and any reference required to be construed as such a reference) shall on and after the appointed day be construed as a reference to the transferee corporation. (4) Stamp duty shall not be chargeable on any instrument which is certified to the Commissioners of Inland Revenue by the Secretary of State as being a transfer scheme. (5) Nothing in subsection (4) above affects the provisions of the Stamp Act 1891 so far as they make an instrument which is not duly stamped inadmissible in evidence unless it is stamped with a particular stamp denoting that it is not chargeable to duty. (6) In this section “the appointed day” has the meaning given by section 3(3) above.
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