4.—(1) Sections 2 and 3 of the Act do not apply to the carrying on of a business by a person under a name which includes any word or expression specified for the purposes of those sections by virtue of the amendment made by regulation 3 above to the 1981 Regulations, if—
(a)he carried on that business immediately before 10th May 2001; and
(b)he continues to carry it on under the name which immediately before that day was its lawful business name.
(2) Nor do sections 2 and 3 of the Act apply to the carrying on of a business by a person to whom the business has been transferred on or after 10th May 2001 during the period of 12 months beginning with the date of transfer so long as he continues to carry it on under the name which was its lawful business name immediately before the date of transfer.