On the appointed day all persons who are, immediately before that day, holding office as directors of the operating company shall vacate their office.

The persons to whom shares of the operating company are transferred by this Act shall be entitled to be entered in the register of members in respect of the shares without the delivery to the company of any instrument of transfer; and (subject to the provisions of this section) those persons shall, on the appointed day, become entitled to all the rights and advantages of members of the company, notwithstanding that they are not entered in the register of members and to the exclusion of all persons other than the persons holding the shares not transferred by this Act.

Any meeting of members of the operating company held on the appointed day shall, if a majority of the members are present thereat, be deemed to be, a duly constituted general meeting of the company, notwithstanding that it may not have been properly summoned, and a resolution may be proposed and passed as a special resolution within the meaning of the [19 & 20 Geo. 5. c. 23.] Companies Act, 1929, at any such meeting, notwithstanding that notice of the meeting and of the intention to propose the resolution as a special resolution may not have been given in accordance with that Act.

No petition shall be presented for the winding up of the operating company on the ground that the number of its members is less than the number required by law, nor shall any person be liable on that ground as a member of the company for the payment of any of its debts.

Any dividends paid by the operating company on or after the appointed day on the shares transferred by this Act shall be paid into the Exchequer and issued out of the Consolidated Fund of the United Kingdom or the growing produce thereof hereafter in this Act referred to as " the Consolidated Fund ") at such times as the Treasury may direct, and applied by the Treasury to the payment of any interest which would apart from this subsection have fallen to be paid out of the permanent annual charge for the National Debt. "