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7.—(1) Where in relation to any property, rights or liabilities that are transferred under article 4, any action has been taken under any enactment, by or against the Authority, that action shall be regarded as having been taken by or against the corporation or the Secretary of State, as the case may be.
(2) Where in relation to any property, rights or liabilities that are transferred under article 4, any legal proceedings have been commenced by or against the Authority, those proceedings may be continued by or against the corporation or the Secretary of State, as the case may be.
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