The enactments mentioned in Schedule 2 to this Act are hereby repealed to the extent specified in column 3 of that Schedule.

Notwithstanding the repeal by this Act of any provision of section 2(2) of the M1Industry Act 1975, section 2(2) of the M2Scottish Development Agency Act 1975 or section 1(3) of the M3Welsh Development Agency Act 1975, the National Enterprise Board, the Scottish Development Agency and the Welsh Development Agency may continue to hold property held by them, and to carry on activities in which they are engaged, at the commencement of this Act.