1U.K.Where immediately before the appointed day there is in force an agreement which—
(a)confers or imposes on the Board any rights, liabilities or obligations which vest in the successor company by virtue of section 3 of this Act; and
(b)refers (in whatever terms and whether expressly or by implication) to a member or officer of the Board;
the agreement shall have effect, in relation to anything falling to be done on or after that day, as if for that reference there were substituted a reference to such person as that company may appoint or, in default of appointment, to the officer of that company who corresponds as nearly as may be to the member or officer of the Board in question.