Tamar Valley Power Station Act 2008

After Schedule 1 to the Principal Act, the following Schedule is inserted:

Transfer of Assets, Rights and Liabilities Section 10A Effect of notice of transfer A notice of transfer takes effect on the day specified in the notice. When any assets, rights or liabilities are transferred, the following provisions have effect:the assets of the transferor that are the subject of the notice of transfer vest in the transferee by virtue of this clause and without the need for any further conveyance, transfer, assignment or assurance; the rights or liabilities of the transferor that are the subject of the notice of transfer become by virtue of this clause the rights or liabilities of the transferee; any legal or other proceedings relating to the assets, rights or liabilities that are the subject of the notice of transfer, commenced before the transfer by or against the transferor or a predecessor of the transferor and pending immediately before the transfer, are taken to be proceedings pending by or against the transferee; any legal or other proceedings relating to the assets, rights or liabilities that are the subject of the notice of transfer, which could have been commenced before the transfer by or against the transferor or a predecessor of the transferor, may be commenced by or against the transferee; a judgment or order of a court or other tribunal, obtained before the transfer by or against the transferor or a predecessor of the transferor relating to the assets, rights or liabilities that are the subject of the notice of transfer, may be enforced by or against the transferee; any document, relating to legal or other proceedings relating to the assets, rights or liabilities that are the subject of the notice of transfer, that has been served on or by a transferor or a predecessor of the transferor before the transfer is taken, where appropriate, to have been served on or by the transferee; any act, matter or thing done or omitted to be done in relation to the assets, rights or liabilities that are the subject of the notice of transfer before the transfer by, to or in respect of the transferor or a predecessor of the transferor is (to the extent to which that act, matter or thing has any force or effect) taken to have been done or omitted by, to or in respect of the transferee; a reference in any Act, in any instrument made under any Act, in any contract, agreement, arrangement or undertaking, or in any document of any kind to – the transferor; or any predecessor of the transferor – to the extent to which the reference relates to the assets, rights or liabilities that are the subject of the notice of transfer, is taken to be, or include, a reference to the transferee. The notice of transfer may specify the consideration on which a transfer is made and the values at which the assets, rights or liabilities are transferred. No compensation is payable to any person or body in connection with a transfer except to the extent (if any) to which the notice of transfer giving rise to the transfer so provides. A notice of transfer is not a statutory rule for the purposes of the Rules Publication Act 1953. State tax is not payable in respect of any document prepared to give effect to a notice of transfer. A person is not entitled to – terminate or modify the operation or effect of a contract; or claim that there has been a breach of or default under a contract; or claim any remedy – by reason only of the transfer of that contract (or rights or liabilities under that contract) under a notice of transfer. A notice of transfer has effect despite any other law or instrument.

The amendments effected by this Part have been incorporated into the authorised version of the Government Business Enterprises Act 1995.