4(1)This paragraph relates to any agreement made, transaction effected or other thing (not contained in an enactment) which—U.K.
(a)has been done by, to or in relation to a transferor under a scheme,
(b)relates to any property, right or liability transferred from the transferor in accordance with the scheme, and
(c)is in force or effective immediately before the day on which the scheme comes into force.
(2)The agreement, transaction or other thing shall have effect on and after that day as if made, effected or done by, to or in relation to the corresponding transferee under the scheme.
(3)Accordingly, references to the transferor which relate to or affect any property, right or liability of the transferor vesting by virtue of the scheme in the transferee, and which are contained—
(a)in any agreement (whether or not in writing), deed, bond or instrument,
(b)in any process or other document issued, prepared or employed for the purpose of any proceeding before a court or other tribunal or authority, or
(c)in any other document whatever (other than an enactment) relating to or affecting any property, right or liability of the transferor which vests by virtue of the scheme in the transferee,
shall be taken on and after that day to refer to the transferee concerned.
5(1)This paragraph applies where, immediately before the day on which a scheme comes into force, there is in force an agreement which—U.K.
(a)confers or imposes on a transferor under the scheme any right or liability transferred from the transferor in accordance with the scheme, and
(b)refers (in whatever terms and whether expressly or by implication) to an officer or employee of the transferor.
(2)In relation to anything falling to be done on or after that day, the agreement shall have effect as if for that reference there were substituted a reference to such person as the corresponding transferee under the scheme may appoint or, in default of appointment, to the officer or employee of the transferee who corresponds as nearly as may be to the officer or employee concerned of the transferor.
6U.K.In paragraphs 4 and 5 “transferee” and “transferor”, in relation to a scheme, mean respectively a person to whom, and one from whom, the scheme provides for a transfer.