If an occupation contract is transferred by the contract-holder to a person ("P") in accordance with the contract and section 69, on the transfer date—
P becomes entitled to all the rights and subject to all the obligations of the contract-holder under the contract, and
the contract-holder ceases to be entitled to any rights or subject to any obligations under the contract.
If a joint contract-holder's rights and obligations under an occupation contract are transferred to a person ("P") in accordance with the contract and section 69, on the transfer date—
P becomes entitled to all the rights and subject to all the obligations of the joint contract-holder under the contract, and
the joint contract-holder ceases to be entitled to any rights or subject to any obligations under the contract.
Subsection (2)(a) is subject to any term included in the contract because of section 141(3) or 142(3) (fixed term standard contracts: transfers of joint contract-holder's interest).
Nothing in subsection (1)(b) or (2)(b) removes any right or waives any liability accruing before the transfer date.
The transfer date is the day agreed by the contract-holder and P as the day on which the transfer takes effect.