24Existing contracts

24 Existing contracts

After the rights, property or assets referred to in subparagraph 22(2)(b)(i) or subsection 23(2), as the case may be, are transferred to a person in accordance with that subparagraph or subsection, such contracts (if any) as are specified in, or ascertained in accordance with, the agreement, being contracts to which the Trust was a party at the time immediately before the transfer took place, have effect as if: (a) that person were substituted for the Trust as a party to each contract; and (b) any reference in such a contract to the Trust were (except in relation to matters that occurred before that time) a reference to that person; and the Trust ceases to be a party to the contracts.