3.—(1) The following sub-paragraphs apply in relation to assets and liabilities transferred by a scheme under paragraph 2.
(2) Unless the context otherwise requires, in any document any reference to INI shall, in relation to any time after the appointed day, be construed as a reference to the Board.
(3) The transfer does not affect the validity of anything done by, or in relation to, INI before the appointed day.
(4) Anything which before the appointed day was done by or in relation to INI shall, if in effect immediately before that date, continue to have effect to the same extent and subject to the same provisions as if it had been done by, or in relation to, the Board.
(5) Anything (including any legal proceedings) in the process of being done by or in relation to INI immediately before the appointed day may be continued by or in relation to the Board.