4(1)Any scheme in force immediately before the transfer date under section 44 or 45 of the [1970 c. 11.] Sea Fish Industry Act 1970 shall on and after that date have effect as if it were a scheme made under Part II of this Act which the Ministers have required the Authority to administer under section 16(1) of this Act.
(2)The Authority shall in accordance with section 16(2) of this Act discharge the functions exercisable under any such scheme by either of the existing bodies.
(3)Where by virtue of any such scheme or of any scheme previously in force under the said section 44 or 45 (or any enactment replaced by either of those sections) any sum would, apart from this Act, be payable on or after the transfer date by or to either of the existing bodies it shall instead be payable by or to the Authority.