s 23 Foreign property
(1) This section applies where property transfer regulations transfer foreign property. (2) In subsection (1) , “ foreign property ” means— (a) property outside the United Kingdom, and (b) rights and liabilities under foreign law. (3) The transferor and the transferee must each take any necessary steps to ensure that the transfer is effective as a matter of foreign law (if it is not wholly effective by virtue of the property transfer regulations). (4) Until the transfer is effective as a matter of foreign law, the transferor must— (a) hold the property or right for the benefit of the transferee (together with any additional property or right accruing by virtue of the original property or right), or (b) discharge the liability on behalf of the transferee. (5) If the Secretary of State determines that, in spite of any action taken by the transferee or the transferor, it is not possible for the transfer of certain property to be effective under the law of the jurisdiction where the property is located or (where the property consists of rights or liabilities) the law under which it arises— (a) subsection (4) ceases to apply, and (b) the provisions of the property transfer regulations relating to that property are void. (6) The Secretary of State must give notice of any determination under subsection (5) to the transferor and the transferee. (7) The transferor must meet any expenses of the transferee in complying with this section . (8) An obligation imposed by this section is enforceable as if created by contract between the transferor and transferee. (9) The transferor must comply with any directions of the Secretary of State in respect of the obligations under subsections (3) and (4) ; and— (a) a direction may disapply subsections (3) and (4) to a specified extent, and (b) obligations imposed by direction are enforceable as if created by contract between the transferor and the Secretary of State. (10) In this section , “ foreign law ” means the law of a country or territory outside the United Kingdom.