Every instrument whereby any person was at the commencement of these regulations constituted a trustee of any scheme specified in the first part of the schedule aforesaid (in these regulations referred to as a “trustee scheme”) shall have effect subject to the modification that every trustee so constituted shall cease as from the said commencement to be such a trustee, and that the trustees for the time being of the principal scheme shall thereafter be trustees of each trustee scheme.

All property, rights, liabilities and obligations vested immediately before the commencement of these regulations in the trustees of any trustee scheme in their capacity as such are hereby transferred without further assurance to the trustees of the principal scheme in their capacity as trustees of the trustee scheme concerned:

Provided that nothing in this paragraph shall relieve any trustee from any liability for any breach of trust, except in so far as under any instrument creating the trust he is entitled to an indemnity in respect thereof from assets available for the purposes of the scheme concerned.