2(1)Where there subsists immediately before the vesting day an agreement to which the transferor is a party, the agreement shall have effect on and after the vesting day—U.K.
(a)as if the transferee had been the party to the agreement; and
(b)as respects anything falling to be done on or after the vesting day, with the modifications set out in sub-paragraph (2) below.
(2)Those modifications are the substitution—
(a)for any reference (whether express or implied and, if express, however worded) to the transferor, of a reference to the transferee, and
(b)for any reference in general terms (however worded) to persons employed by or agents of the transferor, of a reference to persons employed by or agents of the transferee.