194. Bridge institution not liable for past obligations in respect of officers

Where a bridge institution becomes the employer of any individual who is an officer or a former officer of a licensed person, the bridge institution shall not—

be liable for any obligation of the licensed person or its predecessor in respect of such individual existing prior to the bridge institution becoming the employer of the individual or in respect of any pension plan or other post-employment benefit plan for such individual or his survivors, or in respect of any collective agreement with a trade union or a council of trade unions; or

be liable for any wages or salary calculated by reference to a period of time prior to the bridge institution becoming the employer of the individual in question.