3(1)At any time before the end of the period of twelve months beginning with the transfer date, the regional council’s successor, or the islands council, and the transferee may, with the approval of the Secretary of State, agree in writing that—
(a)as from such date as may be specified in or determined under the agreement, and
(b)in such circumstances (if any) as may be so specified,
there shall be transferred from the transferee to, and vested in, the successor, or the islands council, any property, rights and liabilities specified in the agreement.
(2)Subject to sub-paragraph (3) below, in the case of an agreement under sub-paragraph (1) above, the property, rights and liabilities in question shall on the date of the coming into force of the agreement be transferred, and by virtue of the agreement vest, in accordance with the agreement.
(3)The following provisions of this Schedule shall have effect as if—
(a)any reference to a transfer to which this Schedule applies included a reference to a transfer effected in pursuance of an agreement under sub-paragraph (1) above;
(b)any reference to a transaction effected in pursuance of paragraph 2(1) above or of a direction under paragraph 2(3) above included a reference to such an agreement; and
(c)any reference to a vesting by virtue of a transfer scheme included a reference to a vesting by virtue of such an agreement.