7(1)  Subject to paragraph (2), where–

(a)arrangements are made by an account-holder to transfer an account from one society, person or institution (“the transferor” ) to another society, person or institution (“the transferee” ), or

(b)an account is transferred in consequence of the transferor ceasing, or ceasing to be entitled, to operate accounts,

the transfer shall have effect and the account shall not be otherwise affected for the purposes of the principal sections and these Regulations by reason of the transfer.

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