The Mayor may at any time make a scheme (a "transfer scheme") transferring to a permitted recipient, upon such terms as the Mayor considers appropriate, any property, rights or liabilities which are for the time being vested in an MDC.
A transfer scheme may provide for a transfer to a person within paragraph (d), (e) or (f) of the definition of "permitted recipient" in subsection (4) only if the person consents.
The Mayor must publish a transfer scheme as soon after it is made as is reasonably practicable.
In this section—
"company" means—
(a)a company within the meaning given by section 1(1) of the Companies Act 2006, or
(b)a registered society within the meaning of the Co-operative and Community Benefit Societies Act 2014 or a society registered or deemed to be registered under the Industrial and Provident Societies Act (Northern Ireland) 1969;
"functional body" has the meaning given by section 424(1) of the Greater London Authority Act 1999;
"permitted recipient" means—
(a)the Greater London Authority,
(b)a functional body other than the MDC concerned,
(c)a company that is a subsidiary of the Greater London Authority,
(d)a London borough council,
(e)the Common Council of the City of London, or
(f)any other person;
"subsidiary" has the meaning given by section 1159 of the Companies Act 2006.