12(1)On and after the restructuring date, the following provisions (which broadly correspond to the provisions of Part I of this Schedule), that is to say—E+W
(a)subsections (4) to (6) and (8)(b) of section 3 of the 1975 Act, and
(b)Schedule 2 to that Act, other than paragraph 10,
shall have effect, notwithstanding their repeal by this Act and instead of Part I of this Schedule, in relation to any case where a notice of a retained interest was given before the restructuring date in pursuance of an invitation contained, by virtue of subsection (3)(b) of that section, in any notice under that section.
(2)On and after the restructuring date, subsection (8)(a) of section 3 of the 1975 Act (which makes provision equivalent to sub-paragraph (2) of paragraph 11 above) shall have effect, notwithstanding its repeal by this Act and instead of that sub-paragraph, for the purpose of determining the area to which any notice under that section relates.
(3)Sub-paragraph (1) above shall be subject to so much of any restructuring scheme as makes provision for the transfer to any other person, as from the restructuring date or any subsequent date, of the Corporation’s rights and liabilities by virtue of the provisions having effect in accordance with that sub-paragraph.