SCHEDULES

SCHEDULE 8 Transitional Provisions and Savings

Part II Provisions and Savings Coming into Force on Transfer Date

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1

Any agreement made, transaction effected or other thing done by, to or in relation to the Corporation which is in force or effective immediately before the transfer date shall have effect as if made, effected or done by, to or in relation to the successor company, in all respects, as if the successor company were the same person, in law, as the Corporation, and accordingly references to the Corporation—

a

in any agreement (whether or not in writing) and in any deed, bond or instrument;

b

in any process or other document issued, prepared or employed for the purposes of any proceeding before any court or other tribunal or authority; and

c

in any other document whatsoever (other than an enactment) relating to or affecting any property, right or liability of the Corporation which vests by virtue of section 49 of this Act in the successor company,

shall be taken as referring to the successor company.

2

Nothing in sub-paragraph (1) above shall be taken as applying in relation to any agreement made, transaction effected or other thing done with respect to any right or liability of the Corporation which vests by virtue of section 50 of this Act in the Treasury.