Regulation 2

All persons who were at the commencement of these regulations constituted trustees of, or vested with or in possession or control of any property or vested with any right as trustees for the purposes of, any scheduled scheme, shall cease as from the said commencement to be such trustees and the trustees for the time being of the principal scheme shall thereafter be trustees of that scheduled scheme or in relation to that property or right (as the case may be), and accordingly every regulating instrument shall unless the context otherwise requires have effect from the said commencement as if references to the trustees for the time being of the principal scheme were substituted for references to any of those persons and (in the case of any regulating instrument being a policy of insurance conferring upon any other person a right to receive payment of a benefit thereunder) for references to that other person.