4All contracts, deeds, bonds, or agreements entered into or made by the former highway authority for a road which becomes a trunk road, or by a local authority for the purposes of functions in relation to the road under any of the enactments mentioned in Part I of the Third Schedule to this Act, and subsisting on the day on which the road became a trunk road, shall, in so far as they relate to property and liabilities transferred to the Minister in respect of that road, have effect with the substitution of the Minister for the authority and may be enforced by or against the Minister accordingly.