11Existing contracts

11 Existing contracts

After the rights, property or assets referred to in subparagraph 9(2)(b)(i) or subsection 10(2), as the case may be, are transferred to a person in accordance with that subparagraph or subsection, such contracts (if any) as are specified in, or ascertained in accordance with, the agreement, being contracts to which the Authority was a party at the time immediately before the transfer took place, have effect as if: (a) that person were substituted for the Authority as a party to each contract; and (b) any reference in such a contract to the Authority were (except in relation to matters that occurred before that time) a reference to that person; and the Authority ceases to be a party to the contracts.