Section 22: Limitation of action against ISO.

(1) Notwithstanding the provisions of section 21 of this Act -
(a) no action or other proceedings shall he commenced against the ISO in respect of any employee, asset, liability, right or obligation if, had there been no transfer, the time for commencing the action or other proceedings would have expired; and
(b) the transfer of the employees, assets and liabilities to the ISO by or under the provisions of section 15(2) of this Act shall not be deemed to -?
(i) constitute a breach, termination, repudiation or frustration of any contract, including a contract of employment or insurance;
(ii) constitute a breach of any Act of the National Assembly, regulation or by-law;
(iii) constitute an event of default or force majeure;
(iv) give rise to a breach, termination or repudiation or frustration of any license, permit or other right;
(v) give rise to any right to terminate or repudiate a contract, license, permit or other right; or
(vi) give rise to any estoppel.
(2) Subsection (1) (b) shall not apply to such contracts as may be prescribed by any regulation made for that purpose.