(1) The trustees of a scheme or trust RAC may, in accordance with this section, transfer all or part of the liabilities, technical provisions and other obligations and rights as well as corresponding assets or cash equivalent thereof, of that scheme or trust RAC to a receiving IORP.
(2) The trustees of a transferring scheme or trust RAC who intend to transfer all or part of a scheme's, or trust RAC's, liabilities, technical provisions and other obligations and rights, as well as corresponding assets or cash equivalent thereof, to a receiving IORP shall not make that transfer unless the trustees have obtained the prior approval to the transfer by -
(a) a majority of -
(ii) the beneficiaries,
of that scheme or trust RAC, and
(b) the sponsoring undertaking, where applicable.
(3) The trustees referred to in subsection (2) shall, for the purpose of obtaining the prior approval referred to in subsection (2) -
(a) notify, in writing, the members and beneficiaries of the t
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