On the appointed day the undertaking shall, by virtue of this Act and without further assurance, be transferred to, and vest in, the Bank to the intent that the Bank shall succeed to the undertaking as if in all respects the Bank were the same person in law as the Trust Company.

Where the transfer or vesting of any property or liability forming part of the undertaking is governed by the law of any country or territory outside the United Kingdom, the Trust Company shall, if the Bank so requires, take all necessary steps for securing that the transfer and vesting of the property or liability to and in the Bank is fully effective under the law of that country or territory.