27(1)Where immediately before the transfer date there is in force an agreement which—U.K.
(a)confers or imposes on the Corporation any rights or liabilities which vest in the successor company by virtue of section 49 of this Act; and
(b)refers (in whatever terms and whether expressly or by implication) to a member or officer of the Corporation,
the agreement shall have effect, in relation to anything falling to be done on or after that date, 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 Corporation in question.
(2)References in this paragraph to an agreement include references to a deed, bond or other instrument.