(1) Every deed and every contract and agreement in writing made before the 6th day of December, 1922, with or by any person by or with any Minister, Department or Authority of the late British Government in Ireland or the late Provisional Government of Ireland, or by or with any Official of either of those Governments acting on behalf of such Government, shall if and so far as the terms and provisions of such deed, contract or agreement were not fully executed and completed on the 6th day of December, 1922, be construed and read as if the name of the Minister, Department, Authority or Official exercising in Saorstát Eireann functions the same as or corresponding to the functions exercised at the date of such deed, contract or agreement in respect of the area now comprised in Saorstát Eireann by the Minister, Department, Authority or Official named in such deed, contract or agreement was substituted in such deed, contract or agreement for the name of the Minister, Department, Authority or Official actually named therein.

(2) The benefits conferred and the obligations imposed by any such deed, contract or agreement as is mentioned in the preceding sub-section of this section on the Minister, Department, Authority or Official named therein shall, so far as the same on the 6th day of December, 1922, remained to be performed, be as from that day respectively vested in or imposed on the Minister, Department, Authority or Official whose name is by the preceding sub-section of this section substituted in such deed, contract or agreement for the name of the Minister, Department, Authority or Official actually named therein as fully as if such substituted Minister, Department, Authority or Official were actually named in such deed, contract or agreement.