39.— Section 208 of the Principal Act is amended—

(a) in subsection (1), by substituting “Subject to subsection (4), all property” for “All property”,

(b) in subsection (2), by substituting “Subject to subsection (4), every chose-in-action” for “Every chose-in-action”,

(c) in subsection (3), by substituting “Subject to subsection (4), every bond” for “Every bond”, and

(d) by inserting the following subsection after subsection (3):

“(4) This section shall not apply to any property, chose-in-action, bond, guarantee or other security of a continuing character that is designated and transferred under Part 4 of the Social Welfare and Pensions Act 2010.”.