10Transfer of business, property, rights and liabilities, &c.

10 Transfer of business, property, rights and liabilities, &c.

(1)  In this section –

relevant Minister means the Minister to whom the Department or the statutory authority that is responsible for the administration of the transferred business immediately before the transfer day is responsible;

transfer day means the day specified in an order made under subsection (2) on which any business, property, right or liability is transferred to or vests in the Company;

transferred business means any business, property, right or liability specified in, and transferred to the Company by, an order under subsection (2) .

(2)  The relevant Minister may, by order –

(a) transfer any business, property, right or liability of the Crown or a statutory authority to the Company (whether or not that transfer is for a consideration); and

(b) provide for any matter that is incidental to that transfer.

(3)  Consideration for the transfer of any transferred business may be by assumption of liabilities, issue of shares or otherwise.

(4)  Any shares in the Company issued to a person as consideration for the transfer of transferred business are held by that person in trust for the Crown.

(5)  On the transfer day –

(a) the business, property and rights specified in, and transferred by, an order made under subsection (2) vest in the Company; and

(b) the liabilities specified in, and transferred by, such an order become the liabilities of the Company.

(6)  Except as otherwise provided in an order made under subsection (2) , on and after the transfer day –

(a) any legal proceedings pending immediately before the transfer day and which were instituted by or against the Crown or a statutory authority in respect of the transferred business may be continued by or against the Company; and