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4. (1) All property (including records) and rights to which the Board was entitled immediately before the revocation date and any obligations to which the Board was then subject, not having been discharged under article 2(3) above, are hereby transferred to and shall vest in the Commission.
(2) Any legal proceedings which, but for the revocation in Article 3 above, could have been commenced or continued by or in relation to the Board, may be commenced or continued by or in relation to the Commission.
(3) Every contract, agreement, licence and authority, whether written or not, and every deed, bond, instrument and document made before the revocation date and still in effect at that time which relates to property, rights or obligations of the Board shall continue in effect but subject to the following modifications, so far as they are applicable:—
(a)if the Board is a party thereto the Commission shall be substituted as that party;
(b)for a reference (however worded and whether express or implied) to the Board there shall, as respects anything falling to be done or occurring after that time, be substituted a reference to the Commission;
(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 Board there shall be substituted, as respects anything done or falling to be done or occurring on or after the revocation date, a reference to such officer or officers as the Commission shall appoint for the purpose;
(d)for a reference to the office or place of business of the Board there shall be substituted a reference to the office or place of business of the Commission.
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