(1) This section applies if—(a) a bargaining instrument applies to an employer; and(b) at a later time a new employer becomes the successor (whether or not immediate) of the whole or a part of the business of the employer to whom the instrument applies.
(2) From the later time—(a) the bargaining instrument applies to the new employer, to the extent the instrument relates to the whole or part of the business; and(b) the bargaining instrument stops applying to the previous employer, to the extent the instrument relates to the whole or part of the business; and(c) a reference in this chapter to the employer includes a reference to the new employer, and stops referring to the previous employer, to the extent the context relates to the whole or part of the business.