(1) On the relevant day for an allocation statement, all specified officers of the transferor become officers of the transferee, and each such officer—
(a) holds an office that is equivalent to that previously held by the person in the transferor; and
(b) holds the office on terms and conditions no less favourable than those of the office held in the transferor and with the benefit of all rights accrued in respect of the office so held.
(2) In this section "specified officer" means a person who holds an office that is specified in the allocation statement, or is of a class of offices that is specified in the allocation statement.
S. 287J inserted by No. 85/2006 s. 120.