(1) An assigned
contract has effect as if, before the assignment —
(a) the
terms of the instrument of contract (including any terms incorporated by
reference) were authorised by the Gas Corporation Act 1994 2 and the Gas
Transmission Regulations 1994 3 , and prevailed to the extent that they
contained any inconsistency with those written laws; and
(b) any
provision of the Gas Transmission Regulations 1994 3 purporting to affect the
contract in a way consistent with the terms of the contract were authorised by
the Gas Corporation Act 1994 2 and prevailed to the extent that it contained
any inconsistency with that Act.
(2) In subsection (1)
—
assigned contract means a contract for access to
gas transmission capacity, or for related matters, the rights and liabilities
under which are assigned from the corporation to the assignee, except that it
does not include an exempt contract as defined by section 20(5).