Where, under an allocation statement, the rights and liabilities of a transferor under an agreement are allocated to a transferee—
(a) the transferee becomes, on the relevant date, a party to the agreement in place of the transferor; and
(b) on and after the relevant date, the agreement has effect as if the transferee had always been a party to the agreement in place of the transferor.
S. 287N inserted by No. 85/2006 s. 120.