3.—(1) Any agreement made, transaction effected or other thing done by, to or in relation to NIAL which—N.I.
(a)was made, effected or done for the purposes of or in relation to any assets or liabilities which vest in a transferee under Article 54; and
(b)is in force or effective immediately before the transfer date,
shall have effect as from that date as if made, effected or done by, to or in relation to that transferee in all respects as if that transferee were the same person in law as NIAL.
(2) Accordingly, references to NIAL—
(a)in any agreement, deed, bond or instrument;
(b)in any process or other document issued, prepared or employed for the purposes of any proceeding before any court or other tribunal or authority; and
(c)in any other document whatsoever (other than a statutory provision),
relating to or affecting assets or liabilities which vest in a transferee under Article 54 shall be taken as from the transfer date as references to that transferee.
(3) Where immediately before the transfer date there is in force an agreement, deed, bond or other instrument which—
(a)confers or imposes on NIAL any rights or liabilities which vest in a transferee under Article 54; and
(b)refers (in whatever terms and whether expressly or by implication) to a member or officer of NIAL,
it shall have effect, in relation to anything falling to be done on or after that date, as if for that reference there were substituted a reference—
(i)where the transferee is the Department, to such officer of the Department as the Department may appoint;
(ii)where the transferee is the successor company, to such person as that company may appoint or, in default of appointment, to the officer of that company who corresponds as nearly as may be to the member or officer of NIAL.
(4) Sub-paragraphs (1) to (3) apply to the Holding Company as they apply to NIAL.