Paragraph 3

any agreement (whether in writing or not) which subsists immediately before that day and to which a former body is a party shall have effect as if the Board had been the party to it; and

any reference to a former body in such an agreement or in any other agreement, instrument or document (other than a statutory provision) in being immediately before that day shall, as respects anything falling to be done on or after that day, be construed as a reference to the Board.