1(1)For the purposes of TUPE—
(a)the functions conferred on LBRO by this Act are to be treated as transferred to LBRO from the LBRO company on the day on which section 2 comes into force;
(b)that transfer of functions is to be treated as a transfer of an undertaking to which TUPE applies;
(c)each person who was, immediately before the day on which section 2 comes into force, employed by the LBRO company under a contract of employment is to be treated as employed in the undertaking immediately before that day.
(2)In sub-paragraph (1) “TUPE” means the Transfer of Undertakings (Protection of Employment) Regulations 2006 (SI 2006/246).