(1) A transferred instrument has effect as modified by subregulations (2) and (3).
(2) A reference in the transferred instrument to a GOC to which it applied immediately before 30 June 2015 is modified to be or include (as the context requires) a reference to any other GOC to which it applies on and after 30 June 2015 by operation of this Part.
(3) The transferred instrument is modified to make such other changes as are necessary.