3(1)It is hereby declared for the avoidance of doubt that the effect of an order under section 1(1) above in relation to any contract of employment with the Corporation in force immediately before the day specified under that subsection is merely to modify the contract (as from that day) by substituting the successor company as the employer (and not to terminate the contract or vary it in any other way).
(2)Accordingly—
(a)any period of employment with the Corporation; and
(b)any period of employment which would, immediately before the day specified under section 1(1) above, have been treated as such employment,
shall count as employment with the successor company.