12If, in the case of any transfer to which this Schedule applies, the effect of any agreement (and, in particular, any agreement under the Railway Road Transport Acts of 1928 mentioned in paragraph 1 of Part II of Schedule 2 to the [1962 c. 46.] Transport Act 1962)—
(a)which was executed before the passing of this Act, and
(b)to which the transferee is by virtue of this Act a party,
depends on whether the transferee has power to carry on any activity, it shall be assumed for the purposes of the agreement that any activity which requires the consent of the Secretary of State under the Transport Act 1962 or the [1968 c. 73.] Transport Act 1968 has been authorised by such a consent.