2.—(1) There shall be transferred to the Assembly all property, rights and liabilities in or arising from or in connection with the Agreement, the Pierhead Building Lease, the Pierhead Building, the Site Lease and the Site to which the Secretary of State is entitled or subject immediately before the coming into force of this Order.
(2) There may be continued by or in relation to the Assembly anything (including legal proceedings) which relates to any property, rights or liabilities transferred by paragraph (1) of this article, and which is in the process of being done by or in relation to the Secretary of State immediately before the coming into force of this Order.
(3) Subject to article 3 below, all contracts, deeds, agreements and other instruments subsisting in favour of, or against, and all notices in force which were given (or having effect as if they had been given) by, or to, the Secretary of State in connection with any property, rights or liabilities transferred by paragraph (1) of this article shall be of full force and effect in favour of, or against, the Assembly.
(4) Anything which was done by the Secretary of State for the purpose of or in connection with any property, rights or liabilities transferred by paragraph (1) of this article, and which is in effect immediately before the coming into force of this Order, shall have effect as if done by the Assembly.
(5) The Assembly shall be substituted for the Secretary of State in any contracts, deeds, agreements and other instruments which relate to any property, rights or liabilities transferred by paragraph (1) of this article, and which are made or commenced before the coming into force of this Order.