7(1)A transfer scheme may provide for a transfer to take effect as if there were no contravention or liability, or interference with any interest or right, that there would otherwise be as a result of a provision which has effect (whether under an enactment or agreement or otherwise) in relation to—U.K.
(a)the terms on which the transferor is entitled to the property or right for whose transfer the scheme provides, or
(b)the terms on which the transferor is subject to the liability for whose transfer the scheme provides.
(2)A transfer scheme may provide for the creation of an interest in or right in relation to property to take effect as if there were no contravention or liability, or interference with any interest or right, that there would otherwise be as a result of a provision which has effect (whether under an enactment or agreement or otherwise) in relation to—
(a)the terms on which the transferor is entitled to the property, or
(b)the terms on which a subsidiary of the transferor is entitled or subject to anything immediately before the creation of the interest or right takes effect.
8(1)This paragraph applies where a transfer scheme provides for the transfer of shares in a subsidiary of the transferor.U.K.
(2)The scheme may provide for the transfer to take effect as if there were no contravention or liability, or interference with any right or interest, that there would otherwise be as a result of a provision which has effect (whether under an enactment or agreement or otherwise) in relation to the terms on which the subsidiary is entitled or subject to anything immediately before the transfer takes effect.