50V—Meaning of affected agreement
(1) In this Part,
"affected agreement" means an agreement—
(a) that
prevents the commencement or maintenance of proceedings on a cause of action
to which section 3A of the Limitation of Actions Act 1936 applies
if—
(i)
the agreement occurred before the commencement of that
section; and
(ii)
at the time of the agreement, a limitation period
applying to the cause of action had expired; or
(b) that
prevents the commencement or maintenance of proceedings on a cause of action
in respect of an abuse claim (within the meaning of Part 7A) if—
(i)
the agreement occurred before the commencement of
Part 7A; and
(ii)
at the time of the agreement, proceedings on the cause of
action could not be commenced or maintained against a person or institution
that would have been liable under Part 7A for child abuse had the Part
been in force.
(2) For the purposes
of this section, a limitation period is taken to have expired even if it were
possible at the time to seek the leave of a court to extend the period.