Sch 21 para 2
(1) The FSA must make one or more schemes under this paragraph for the transfer of property, rights and liabilities of the FSA— (a) to the PRA or the Bank, (b) to the PRA and the Bank, to be held jointly, or (c) to the FSA and either the PRA or the Bank or both, to be held jointly. (2) A scheme under this paragraph made by the FSA is not to be capable of coming into force unless it is approved by the Treasury. (3) The FSA may not submit a scheme under this paragraph to the Treasury for their approval without the consent of the Bank. (4) Sub-paragraph (5) applies if— (a) the FSA fails, before such time as may be notified to it by the Treasury as the latest time for submission of a scheme under this paragraph in connection with the transfer by or under this Act of specified functions of the FSA to the PRA, to the Bank, or to the FSA and the PRA, to submit such a scheme to the Treasury for their approval, or (b) the Treasury decide not to approve a scheme that has been submitted to them by the FSA (either with or without modifications). (5) Where this sub-paragraph applies, the Treasury may, after consultation with the FSA and the Bank, make a scheme under this paragraph for the transfer of such of the FSA's property, rights and liabilities as appear to them appropriate to be transferred as mentioned in sub-paragraph (1) in consequence of the transfer of functions by or under this Act. (6) The property, rights and liabilities which are the subject of a scheme under this paragraph are transferred in accordance with the provisions of the scheme on such day as the scheme may specify. (7) The FSA must provide the Treasury with all such information and other assistance as they may reasonably require for the purposes of, or otherwise in connection with, the exercise of any power conferred on the Treasury by this paragraph. (8) In the following provisions of this Part of this Schedule a scheme under this paragraph is referred to as a “ transfer scheme ”.