2.—(1) There are hereby transferred to the Chancellor, so as to be exercisable by him concurrently with the Board of Trade and the Secretary of State, those functions of the Secretary of State under sections 2, 3, 6, 7, 8, 9(2) and (3), 10, 11 and 17(2) of the 1947 Act which, by virtue of articles 2(1)(a) and 7(4) of the Secretary of State for Trade and Industry Order 1970(1), are exercisable by the Secretary of State concurrently with the Board of Trade.
(2) There are hereby transferred to the Chancellor, so as to be exercisable by him concurrently with the Secretary of State, the functions exercisable under that Act by the Secretary of State as a competent authority, within the meaning of that Act.