4.—(1) The transferee and any other person shall, as from the transfer date, have the same rights, powers and remedies (and in particular the same rights and powers as to the taking or resisting of legal proceedings or the making or resisting of applications to any authority) for ascertaining, perfecting or enforcing any transferred right or liability as they would have had if that right or liability had at all times been a right or liability of the transferee.
(2) Any legal proceedings or applications to any authority pending on the transfer date by or against the transferor, in so far as they relate to—
(a)any transferred property, right, liability or function; or
(b)any agreement or enactment relating to any such property, right, liability or function;
shall be continued by or against the transferee to the exclusion of the transferor.
(3) This paragraph is without prejudice to the generality of paragraphs 2 and 3.