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Preservation of contracts of service.
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40.—Every contract of service expressed or implied which is in force immediately before the appointed day between the Minister and any person and which was entered into for the purposes of the undertaking shall continue in force on and after the appointed day, but shall be construed and have effect as if the name of the Company were substituted therein for the name of the Minister, and every such contract shall be enforceable by or against the Company accordingly.
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