Transfer of ownership of certain assets and licences to energy company

1. (1) The ownership of those assets and licences specified in the transfer plan approved by the Minister under section 24 is, by virtue of this paragraph, vested in the energy company without the need for any conveyance, transfer, assignment or assurance.

(2) All legal proceedings relating to the assets and licences referred to in subparagraph (1)begun before the transfer date by or against BGÉ, a subsidiary of BGÉ or both and pending immediately before that date (save those expressly excluded in the transfer plan) are taken to be legal proceedings pending by or against the energy company.

Transfer of certain rights and liabilities to energy company

2. (1) The rights and liabilities specified in the transfer plan approved by the Minister under section 24 become the rights and liabilities of the energy company.

(2) All legal proceedings relating to the rights or liabilities referred to in subparagraph (1) begun before the transfer date by or against BGÉ, a subsidiary of BGÉ or both and pending immediately before that date (save those expressly excluded in the transfer plan) are taken to be legal proceedings pending by or against the energy company.

Change of ownership of asset not to be regarded as giving rise to remedy

3. Change in the legal or beneficial ownership of any asset, licence, right or liability because of the operation of this Act and this Schedule becomes binding on all persons even if, apart from this Act, the consent or concurrence of any other person would have been required. Such a change is not to be regarded as giving rise to any right or remedy by a party to any document. No provision of any contract shall operate or become exercisable or be contravened by reason of the enactment or operation of this Act.

No attornment required in respect of certain leased land

4. If BGÉ or a subsidiary of BGÉ is the lessor under any lease of land that becomes vested in an energy company by virtue of this Schedule, the lessee is not required to attorn to the energy company.

Stamp duty not chargeable

5. Stamp duty under the Stamp Duties Consolidation Act 1999 is not chargeable in respect of the vesting or transfer of any asset, licence, right or liability by virtue of this Schedule.