Subject to any modification or repeal made under section 134(2)( b), all bye-laws, orders and regulations of an existing local authority which are in force immediately before [F1 1st October 1973] and are not inconsistent with any statutory provision shall, in so far as they relate to or are in pursuance of a function exercisable on and after that date by another authority, continue in force as if made by that other authority, and may be altered or revoked accordingly.