4Transfer of Girobank’s and ALPF’s undertakings to A&L

(1)On the appointed day the undertaking of a transferor shall, by virtue of this Act and without further assurance, vest in A&L to the intent that A&L shall succeed to that undertaking as if in all respects A&L were the same person in law as the transferor.

(2)Where the transfer of any property or liability forming part of the undertaking of a transferor is governed by the law of any country or territory outside the United Kingdom, the transferor shall, if A&L so requires, take all necessary steps for securing the effective transfer thereof to or in A&L and, pending such transfer, the transferor shall hold any such property in trust for A&L.