Any action, arbitration or proceeding and any cause of action, arbitration or proceeding pending or existing on the appointed day by or against or in favour of the Commissioners in relation to the undertaking shall not abate or be discontinued or be in any way prejudicially affected by the transfer to the Company of the undertaking or by anything in this Act, but it may be continued, prosecuted and enforced by, against or in favour of the Company as and when it might have been continued, prosecuted and enforced by, against or in favour of the Commissioners if this Act had not been passed, but not further or otherwise.