3.—(1) On the transfer date all statutory and other powers and duties comprised in the undertaking are transferred from MSCC to the Company and from that date MSCC ceases to have any such duties or powers in respect of the undertaking.
(2) On the transfer date, the undertaking is transferred to and vests in the Company and from that date MSCC ceases to have any property, rights, liabilities and obligations in respect of the undertaking.
(3) On and after the transfer date any statutory provision of local application or document (other than a document referred to in article 5 (“Saving of agreements etc”)) has, so far as it relates to the Bridgewater Canal, effect (except where the context otherwise requires and subject to any necessary modifications) as if any reference however worded and whether express or implied—
(a)to MSCC, were construed as a reference to the Company; and
(b)to any officer or employee of MSCC, were construed as a reference to an officer or employee of the Company who corresponds as nearly as may be to the first-mentioned officer or employee.