Section 208 of the Principal Act is amended -

(a) in subsection (1), by substituting "Subject to subsection (4), all property" for "All property",

(b) in subsection (2), by substituting "Subject to subsection (4), every chose-in-action" for "Every chose-in-action",

(c) in subsection (3), by substituting "Subject to subsection (4), every bond" for "Every bond", and

(d) by inserting the following subsection after subsection (3):

"(4) This section shall not apply to any property, chose-in-action, bond, guarantee or other security of a continuing character that is designated and transferred under Part 4 of the Social Welfare and Pensions Act 2010.".