(1)The several agreements particulars whereof are set out in the Second Schedule to this Act shall have effect as if the Government were parties thereto in lieu of the respective bodies and persons set out in column 2 of the said Schedule and any reference in any such agreement to any of such bodies or persons shall unless the subject matter or the context otherwise requires be deemed to be a reference to the Government:Provided that any sums payable under any such agreement to any of such bodies or persons shall continue to be payable as if this Act had not been passed.(2)Any provision in any of the agreements referred to in the preceding sub-section of this section whereby any body or persons may be entitled to purchase the whole or any part of the undertaking is hereby annulled and the Government in its or their place and stead shall be entitled to purchase the undertaking on the terms set out in the transfer agreement.
