—(1) The revocation of the Orders in Council dated 3rd February 1915 and 9th February 1920 regulating copyright relations with the United States of America and the Copyright (United States of America) Order 1942 shall not affect any copyright subsisting in any work or subject-matter first published in the United States of America before 10th April 1987 if, immediately before that date, copyright under the repealed Copyright Act 1911* subsisted in such work or subject-matter by virtue of either the Orders in Council or the Order.
* Repealed by section 203 of the Copyright Act 1987 (Act 2/87).
(2) Where a person has, at any time before 1st December 1990, taken action whereby he has incurred expenditure or liability —
in connection with the doing of any act in relation to a work or other subject-matter in a manner that at that time was lawful; or
for the purpose of or with a view to the doing of any act in relation to a work or other subject-matter at a time when the doing of the act would, but for the making of these Regulations, have been lawful,
nothing in these Regulations shall diminish or prejudice any right or interest arising from or in connection with that action that is subsisting and valuable immediately before that date unless the person who, by virtue of the operation of these Regulations has the exclusive right to do that act, agrees to pay to the first-mentioned person such compensation as is reasonable in the circumstances.