Power to make transfer schemes
1(1)The Secretary of State may make one or more schemes for the transfer of designated property, rights or liabilities of a person who has ceased to be a CFD counterparty (“the transferor”) to a person who is a CFD counterparty (“the transferee”).
(2)On the transfer date, the designated property, rights and liabilities are transferred and vest in accordance with the scheme.
(3)The rights and liabilities that may be transferred by a scheme include those arising under or in connection with a contract of employment.
(4)A certificate by the Secretary of State that anything specified in the certificate has vested in any person by virtue of a scheme is conclusive evidence for all purposes of that fact.
(5)In this Schedule—
“designated”, in relation to a scheme, means specified in or determined in accordance with the scheme;
“property” includes interests of any description;
“the transfer date” means a date specified by a scheme as the date on which the scheme is to have effect.