21Transfer of contractual interests to persons other than the Company, &c.

21 Transfer of contractual interests to persons other than the Company, &c.

(1)  In this section –

prescribed person means a person other than the Company or a subsidiary of the Company;

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

transfer day means the day specified in an order made under subsection (2) on which any interest in a contract is transferred to or vests in a prescribed person;

transferred interest means any benefit or burden under a contract specified in, and transferred to a prescribed person by, an order under subsection (2) ;

TT-Line Prescribed Branch means the prescribed branch, within the meaning of the Transport Act 1981 , established by the Transport (Prescribed Branch) Order 1986 (being Statutory Rules 1986, No. 134 ).

(2)  If a prescribed person and the relevant Minister agree in writing to the transfer of any interest of the Crown or a statutory authority in or under a contract relating to the TT-Line Prescribed Branch or to the prescribed person for an agreed consideration (whether by assumption of liabilities, issue of shares or otherwise) or for no consideration, the relevant Minister may, by order –

(a) transfer that interest to the prescribed person; and

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

(3)  On the transfer day, the transferred interest specified in, and transferred by, an order made under subsection (2) vests in and becomes the interest of the prescribed person specified in the order.

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