5.—(1) On the day of transfer—
(a)Mutford Lock and the adjoining land (other than the yellow land),
(b)all rights, liabilities, responsibilities and obligations incurred by A.B. Ports for the purposes of Mutford Lock and the adjoining land as a consequence of their ownership thereof (other than such as may have been incurred in consequence of their ownership of the yellow land), and
(c)any powers and duties conferred or imposed on A.B. Ports by any enactment of local application in relation to Mutford Lock (other than in relation to the yellow land) which exist immediately before the day of transfer, shall be transferred to the Authority.
(2) On and from the day of transfer any enactment of local application conferring or imposing any powers and duties conferred or imposed on A.B. Ports in relation to the yellow land shall cease to have effect or be enforceable by or in favour of or against A.B. Ports.