CHARITIES ACT (NORTHERN IRELAND) 1964 - SECT 11 Further provisions as to schemes under s.10.

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CHARITIES ACT (NORTHERN IRELAND) 1964 - SECT 11

Further provisions as to schemes under s.10.

11.(1) A scheme under section 10

(a)shall operate, as from the date of the scheme and without further
assurance, to vest, upon the trusts which apply to the charity in the body
corporate established by the scheme, the property belonging to the charity
together with all rights and liabilities enjoyed or incurred in connection
therewith by all or any of the persons (in this section referred to as "the
transferors") who immediately before the making of the scheme held any of that
property upon those trusts; and

(b)shall be deemed for the purposes of the registration of the scheme in any
registry to be a conveyance of the trust property by the transferors to the
body corporate established by the scheme.

(2) Upon the making of a scheme under section 10

(a)all moneys, stocks, shares and securities vested by the scheme which on the
date of making of the scheme are standing in the books of any corporation or
company or are entered on any register kept in pursuance of any enactment
shall on request made by or on behalf of the body corporate established by the
scheme be transferred into the name of that body;

(b)all debts and liabilities incurred by the transferors in connection with
the trust property or the administration of the charitable trusts and owing
immediately before the making of the scheme (whether then due or in future to
become due certainly or contingently) shall become and be the debts and
liabilities of the body corporate established by the scheme;

(c)all contracts and agreements made by the transferors in connection with the
trust property or the administration of the charitable trusts and not fully
executed and completed before the making of the scheme shall continue in force
but shall be construed and have effect with the substitution of the body
corporate established by the scheme for the transferors; and

(d)in every action, prosecution or other proceeding in respect of the trust
property or arising on or in connection with its administration which is
pending immediately before the making of the scheme and to which the
transferors are a party, the body corporate established by the scheme shall
become and be a party in the place of the transferors and the action,
prosecution or other proceeding shall continue accordingly.

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Northern Irish Legislation

CHARITIES ACT (NORTHERN IRELAND) 1964 - SECT 11