(1) Where immediately before the vesting date there subsists an agreement (whether or not in writing) or a deed to which the society is a party, not being an agreement or a deed to which the successor company is also a party, the agreement or deed shall, without prejudice to the generality of paragraph (3) below, have effect on and after the vesting date -

(a) as if the successor company had been the party thereto in place of the society; and

(b) with the modifications set out in paragraph (2) below.

(2) Those modifications are -

(a) the substitution, for any reference (whether express or implied and, if express, however worded) to the society, of a reference to the successor company; and

(b) the substitution, for any reference in general terms (however worded) to persons employed by or agents of the society, of a reference to persons employed by or agents of the successor company.