2(1)Where immediately before the transfer date there is in force an agreement which—U.K.
(a)confers or imposes on the Cable Authority any rights or liabilities which vest in the Commission by virtue of section 128(1), and
(b)refers (in whatever terms and whether expressly or by implication) to a member or officer of the Cable Authority,
the agreement shall have effect, in relation to anything falling to be done on or after the transfer date, as if for that reference there were substituted a reference to such person as the Commission may appoint or, in default of appointment, to the member or employee of the Commission who corresponds as nearly as possible to the member or officer of the Authority in question.
(2)References in this paragraph to an agreement include references to a deed, bond or other instrument.