(1)There is to be a body corporate known as the Competition Commission.
(2)The Commission is to have such functions as are conferred on it by or as a result of this Act.
(3)The Monopolies and Mergers Commission is dissolved and its functions are transferred to the Competition Commission.
(4)In any enactment, instrument or other document, any reference to the Monopolies and Mergers Commission which has continuing effect is to be read as a reference to the Competition Commission.
(5)The Secretary of State may by order make such consequential, supplemental and incidental provision as he considers appropriate in connection with—
(a)the dissolution of the Monopolies and Mergers Commission; and
(b)the transfer of functions effected by subsection (3).
(6)An order made under subsection (5) may, in particular, include provision—
(a)for the transfer of property, rights, obligations and liabilities and the continuation of proceedings, investigations and other matters; or
(b)amending any enactment which makes provision with respect to the Monopolies and Mergers Commission or any of its functions.
(7)Schedule 7 makes further provision about the Competition Commission.