# Trustee Savings Banks Act 1985, Paragraph 2


(1) Where there subsists immediately before the vesting day an agreement to which the transferor is a party, the agreement shall have effect on and after the vesting day—
(a) as if the transferee had been the party to the agreement; and
(b) as respects anything falling to be done on or after the vesting day, with the modifications set out in sub-paragraph (2) below.
(2) Those modifications are the substitution—
(a) for any reference (whether express or implied and, if express, however worded) to the transferor, of a reference to the transferee, and
(b) for any reference in general terms (however worded) to persons employed by or agents of the transferor, of a reference to persons employed by or agents of the transferee.

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Source: https://www.legislation.gov.uk/ukpga/1985/58/schedule/1/paragraph/2 (the official version)
Page: https://openlegislation.uk/trustee-savings-banks-act-1985/schedule-1/paragraph-2
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.