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(1)On an appointed day the undertaking, or the part of an undertaking, in respect of which that day is so appointed, shall, by virtue of this Act and without further assurance, be transferred to, and vest in, Lloyds to the intent that Lloyds shall succeed to the undertaking, or the part of the undertaking, as if in all respects Lloyds were the same person in law as the transferor company.
(2)Where the transfer or vesting of any property or liability comprised in an undertaking is governed by the law of any country or territory outside the United Kingdom, the transferor company shall, if Lloyds so requires, take all necessary steps for securing that the transfer to and vesting in Lloyds of the property or liability is fully effective under the law of that country or territory.
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