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5. Every contract, agreement, deed, bond, instrument or document made by the Corporation before the dissolution date and still in effect at that date which relates to property, rights or obligations of the Corporation shall continue in effect but subject to the following modifications so far as they are applicable:–
(a)if the Corporation is a party thereto, the Department shall be substituted as that party;
(b)for a reference (however worded and whether express or implied) to the Corporation there shall, as respects anything falling to be done or occurring after that date, be substituted a reference to the Department;
(c)for a reference (however worded and whether express or implied) to any member of the Corporation there shall be substituted as respects anything done or falling to be done or occurring on or after the dissolution date a reference to such officer as the Department shall appoint for the purpose; and
(d)for a reference to the office or place of business of the Corporation there shall be substituted a reference to the offices of the Department.
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