4Every contract, agreement, licence and authority, whether written or not, and every deed, bond, instrument and document made before the expiry of the winding-up period and still in effect at that time which relates to property, rights or obligations of the Price Commission which are vested in the Secretary of State by section 1(3) of this Act shall continue in effect but subject to the following modifications, so far as they are applicable—
(a)if the Price Commission are a party thereto, the Secretary of State shall be substituted as that parry ;
(b)for a reference (however worded and whether express or implied) to the Price Commission there shall, as respects anything falling to be done or occurring after the expiry of the winding-up period, be substituted a reference to the Secretary of State ;
(c)for a reference (however worded and whether express or implied) to the members or any member, or to any officer or officers of the Price Commission there shall be substituted, as respects anything done or falling to be done or occurring after the expiry of the winding-up period, a reference to such officer or officers as the Secretary of State shall appoint for the purpose ; and
(d)for a reference to the office or place of business of the Price Commission there shall be substituted a reference to the principal offices of the Department of Trade.