Paragraph 3

The effect of section 1 in relation to any contract of employment with the Crown Agents in force immediately before the appointed day is merely to modify the contract (as from that day) by substituting the successor company as the employer (and not to terminate the contract or vary it in any other way).

Nothing in this Act affects the operation of the M1Transfer of Undertakings (Protection of Employment) Regulations 1981 in relation to the transfer of the undertaking of the Crown Agents to the successor company by virtue of section 1; and the Secretary of State shall before appointing a day under section 1(1) give to the Crown Agents such notice of his proposals as he considers appropriate for enabling any provisions of those regulations applicable to the transfer to be complied with.