1 The employment of a transferred employee must be on terms and conditions no less favourable to the transferred employee than those applying to the employee immediately before the appointed day.
2 Subsection (1)—a) continues to apply to the terms and conditions of employment of a transferred employee until those terms and conditions are varied by agreement between the transferred employee and Te Ohu Kai Moana Trustee Limited or Aotearoa Fisheries Limited, as the case may be; andb) does not apply to a transferred employee who receives a subsequent appointment with Te Ohu Kai Moana Trustee Limited or Aotearoa Fisheries Limited.