76Former transferor instruments and agreements

76 Former transferor instruments and agreements

(1) Each former transferor instrument relating to former relevant assets continues to have effect according to its tenor on and after the relevant date in relation to those assets as if a reference in the instrument to the transferor were a reference to the transferee.

(2) Where, under an allocation statement, a transferor's interest in an agreement vests in a transferee under section 72—

(a) the transferee becomes, on the relevant date, a party to the agreement in place of the transferor; and

(b) on and after the relevant date, the agreement has effect as if the transferee had always been a party to the agreement.

S. 77