2. On the appointed day all property, rights and liabilities to which a former body is entitled or subject immediately before that day shall be transferred to, and by virtue of this Schedule vest in, the Board.
3. On and after the appointed day—
(a)any agreement (whether in writing or not) which subsists immediately before that day and to which a former body is a party shall have effect as if the Board had been the party to it; and
(b)any reference to a former body in such an agreement or in any other agreement, instrument or document (other than a statutory provision) in being immediately before that day shall, as respects anything falling to be done on or after that day, be construed as a reference to the Board.
4. Without prejudice to the generality of paragraphs 2 and 3, any legal proceedings or applications to any authority pending immediately before the appointed day by or against a former body shall be continued by or against the Board to the exclusion of that body.
5. Stamp duty shall not be chargeable in respect of any transfer effected by this Schedule.