Paragraph 3
On the appointed day all property, rights, liabilities and obligations of the British Airways Board (referred to below in this section and in Schedule 1 to this Act as “the Board”) to which the Board is entitled or subject immediately before that day shall become by virtue of this section property, rights, liabilities and obligations of British Airways, Plc.
Any agreement made, transaction effected or other thing done by, to or in relation to the Board which is in force or effective immediately before the appointed day shall have effect on and after that day as if made, effected or done by, to or in relation to British Airways Plc, in all respects as if British Airways Plc were the same person, in law, as the Board; and accordingly references to the Board—
in any agreement (whether or not in writing) and in any deed, bond or other instrument;
in any process or other document issued, prepared or employed for the purpose of any proceeding before any court or other tribunal or authority; and
in any other document whatsoever (other than an enactment) relating to or affecting any property, right, liability or obligation of the Board which vests by virtue of this section in British Airways Plc;
shall be taken on and after the appointed day as referring to British Airways Plc.
Schedule 1 to this Act contains specific provisions with respect to the effect in certain respects of the vesting of the property, rights, liabilities and obligations of the Board in British Airways Plc by virtue of this section; but nothing in those provisions shall be taken as prejudicing the general effect of the preceding provisions of this section.
References in this section to property, rights, liabilities and obligations of the Board are references to all such property, rights, liabilities and obligations, whether or not capable of being transferred or assigned by the Board.
In any enactment including an enactment of the legislature of any territory to which this section applies, or in any instrument made thereunder, in force in any such territory immediately before the appointed day, other than the Civil Aviation Act 1971 (Overseas Territories) Order 1973 and the Air Corporations (Dissolution) Order 1973, any reference to the Board shall be construed on and after the appointed day as a reference to British Airways Plc.