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7Contracts of employment, etc

(1)Paragraph (1) of section 6 (Supplementary provisions as to transfer and vesting) of this Act applies to a contract for the employment of any person by a transferor company; and employment with that transferor company and Lloyds under any such contract shall be deemed for all purposes to be a single continuing employment.

(2)The provisions of subsection (1) above are without prejudice to the provisions of the [S.I. 1981/1794.] Transfer of Undertakings (Protection of Employment) Regulations 1981.

(3)No director, secretary or auditor of a transferor company shall by virtue only of this Act become a director, secretary or, as the case may be, auditor of Lloyds.