3(1)Where immediately before the transfer date there is in force an agreement which—U.K.
(a)confers or imposes on either of the existing boards any rights or liabilities which vest in the BSC by virtue of section 128(2), and
(b)refers (in whatever terms and whether expressly or by implication) to a member or officer of that existing board,
the agreement shall have effect, in relation to anything falling to be done on or after the transfer date, as if for that reference there were substituted a reference to such person as the BSC may appoint or, in default of appointment, to the member or employee of the BSC who corresponds as nearly as possible to the member or officer of that existing board.
(2)References in this paragraph to an agreement include references to a deed, bond or other instrument.