12(1)Section 53 (meaning of “relevant pension obligations”) is amended as follows.
(2)In subsection (1)—
(a)for “Board which were owed” substitute “Authority which were owed by the Board”, and
(b)for “Board arising after the operative date” (in both places) substitute “Authority which arose as an obligation of the Board after the operative date or was never an obligation of the Board”.
(3)In subsection (4), for “Board” (in each place) substitute “Authority”.