4. The development corporation may continue to exercise the powers conferred on it by section 136 of the Local Government, Planning and Land Act 1980—
(a)to hold, manage, reclaim and dispose of—
(i)any land in the excluded area owned by it at the date of the coming into force of this Order; and
(ii)any other property owned by it, at that date, in connection with any land in the excluded area;
(b)without prejudice to paragraph (a), where the freehold interest of any land in the excluded area is owned by the development corporation, to acquire, hold, manage, reclaim and dispose of a leasehold interest in such land;
(c)to discharge any obligation, exercise any right, power or privilege or assign any benefit under any agreement entered into by it in connection with the excluded area before the date of the coming into force of this Order; and
(d)to commence, defend or carry on any proceedings in connection with any matter arising under or in relation to any such agreement as is mentioned in paragraph (c) above and to take such further steps as may be expedient in connection with any such proceedings;
and such powers shall be exercised as if the excluded area continued to form part of the development area.