# Lloyds TSB Act 1998, Section 7: Contracts of employment, etc


(1) Paragraph (1) of section 6 (Supplementary provisions as to transfer and vesting) of this Act applies to a contract for the employment of any person by a transferor company; and employment with that transferor company and Lloyds under any such contract shall be deemed for all purposes to be a single continuing employment.
(2) The provisions of subsection (1) above are without prejudice to the provisions of the S.I. 1981/1794.Transfer of Undertakings (Protection of Employment) Regulations 1981.
(3) No director, secretary or auditor of a transferor company shall by virtue only of this Act become a director, secretary or, as the case may be, auditor of Lloyds.

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Source: https://www.legislation.gov.uk/ukla/1998/5/section/7 (the official version)
Page: https://openlegislation.uk/lloyds-tsb-act-1998/section-7
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.