s 2 Successor company: transfer
(1) All property, rights and liabilities to which the Horserace Totalisator Board was entitled or subject immediately before the appointed day shall on that day vest in the successor company by virtue of this section. (2) In this Part “ the successor company ” means a company which— (a) is nominated for the purposes of this section by the Secretary of State in writing before the appointed day, and (b) on the appointed day is— (i) a company formed and registered under the Companies Act 2006 as a company limited by shares, and (ii) wholly owned by the Crown.