11.—(1) By virtue of this paragraph, the property, rights and liabilities to which the Commission or the former Executive was entitled or subject immediately before the appointed day, shall become on that day the property, rights and liabilities of the new Executive.
(2) Sub-paragraph (1) has effect in relation to property, rights and liabilities—
(a)despite any provision (of whatever nature) which would otherwise prevent, penalise or restrict their transfer by the Commission or by the former Executive; and
(b)without any instrument or other formality being required.
(3) So far as is necessary or appropriate in consequence of sub-paragraph (1), on or after the appointed day a reference to the Commission or to the former Executive in an instrument or other document shall be treated as a reference to the new Executive.
(4) Anything (including any legal proceedings) which—
(a)relates to anything transferred by sub-paragraph (1); and
(b)is in the process of being done by, on behalf of or in relation to the Commission or the former Executive,
may be continued on and after the appointed day by, on behalf of or in relation to the new Executive.
(5) Nothing in this paragraph affects the validity of anything done by the new Executive.