(a) the assets of the Authority are, by virtue of this clause, vested in the Crown on the same terms and conditions as they were vested in the Authority; and
(b) all rights, obligations and liabilities of the Authority which were subsisting immediately before that day are transferred to the Crown.
(2) Any instrument made for the purposes of subclause (1) is exempt from stamp duty and may be filed, recorded or registered without payment of any fee.
3. Leases and licences, &c.
On the commencement day, a lease or licence granted under the repealed Act –
(b) is subject to the same terms and conditions as it was subject to under the repealed Act; and
(c) continues in force for the remainder of the period for which it was granted or renewed.
4. Contracts and agreements
On the commencement day, a contract, agreement or arrangement entered into by the Authority under the repealed Act –
(a) is taken to have been entered into by the Crown; and
(b) is subject to the same terms and conditions as it was subject to under the repealed Act; and
(c) continues in force for the remainder of the period for which it was granted.
5. References to Authority
On and from the commencement day a reference to the Authority in –
(a) a written law; or
(b) a contract, award or other instrument to which the Authority was a party –
is to be construed as a reference to the Crown.
6. Legal proceedings
(1) Any legal or other proceedings which may, before the commencement day, have been instituted or continued by or against the Authority may, on and after that day, be instituted or continued by or against the Crown.
(2) On the commencement day –
(a) a judgment or order of a court obtained by or against the Authority may be enforced by or against the Crown; and
(b) a document addressed to and purporting to be served on the Authority is taken to be served on the Crown.
7. Acts, &c., done by or to the Authority
All acts, matters and things done or omitted to be done by, or done or suffered in relation to, the Authority before the commencement day have, on that day, the same force and effect as if they had been done or omitted to be done by, or done or suffered in relation to, the Crown.