(1) Where a relevant provision is predicated on the continuing exercise of any transferred function by the transferor, any reference in the provision to the transferor has effect, in relation to any time after commencement, as a reference to the transferee.

(2) Paragraph (3) applies where -

(a) a relevant provision contains a requirement for consent to be given by the Building Societies Commission before the repayment by a building society of any sum owed by it, and

(b) the requirement was included in the relevant provision so as to comply with the terms of -

(i) an order made under section 45(5) of the Building Societies Act 1986 as that section had effect before the coming into force of section 21 of the Building Societies Act 1997 [1997 c. 32.],

(ii) an order made under section 119(1) of the Building Societies Act 1986 [1986. c. 53; the definition of "deferred shares".], or

(iii) guidance issued by the Building Societies Commission pursuant to section 45AA of that Act [Inserted by the Building Societies Act 1997 (c. 32), section 22.].