Part 1: Licensing of Carbon Dioxide Transport and Storage Chapter 5: Transfer Schemes Section 50: Transfer schemes
Section 50 provides for the Secretary of State to make a statutory transfer scheme under which certain property, rights or liabilities of a licence holder can be transferred either to an appropriate body or to the Secretary of State. The statutory transfer scheme can be affected where a termination event has arisen in relation to the licence and is intended to enable the Secretary of State to transfer all or part of the assets to an alternative entity to secure either the ongoing operation of the network, or that part of the network, in an efficient, economic, safe and secure manner, or, the safety and security of the network in such circumstances where the ongoing operation is no longer viable.
	It requires the Secretary of State to consider whether any proposed transferee would be able to meet the conditions and requirements of any licence or permit that would be transferred to the person under the proposed scheme. This is intended in particular to ensure that there is proper consideration of the appropriate conditions and requirements associated with any relevant storage licence or permit.
	It confirms that the transfer scheme should only take effect with the consent of the transferor and transferee.