‘(1) The Secretary of State may make one or more schemes for the transfer of the Housing Corporation’s property, rights or liabilities to—
(a) the regulator,
(b) the HCA, or
(c) the Secretary of State.
(2) On the transfer date, the designated property, rights or liabilities are transferred and vest in accordance with the scheme.
(3) Schedule 6 applies to a scheme under this section.
(4) In this section—
“designated”, in relation to a scheme, means specified in or determined in accordance with the scheme;
“the transfer date” means the date specified by a scheme as the date on which the scheme is to have effect.’.—[Mr. Wright.]