Section 41 of the Principal Act is amended by omitting subsections (3) and (4) and substituting the following subsections:

(3)  A transfer order takes effect on the day specified in the order and, accordingly, the assets, rights, liabilities or employees specified in the order are transferred in accordance with the order on that day.

(4)  A transferor that is the subject of a transfer order must take all reasonable steps to enable the transfer order to take effect according to its terms.