(1) Paragraph (2) applies in respect of every contract, trust or agreement, whether written or not, and every deed, instrument or other document which, immediately before the dissolution date, related to any property, right or liability of the HAC which, by virtue of article 2, is transferred to the Secretary of State.
(2) Each contract, trust, agreement, deed, instrument or other document referred to in paragraph (1) continues in effect subject to the following modifications, so far as they are required for continuing its effect on or after the dissolution date—
(a) if the HAC is a party to it, the Secretary of State is substituted as that party;
(b) for any reference (express or implied) to the HAC, substitute a reference to the Secretary of State;
(c) for any reference (express or implied) to a member, officer or servant of the HAC, substitute a reference to such officer as the Secretary of State may nominate for the purpose;
(d) for any reference (express or implied) to the office or place of business of the HAC, substitute a reference to the principal office of the Secretary of State.