(1) All rights and liabilities of the Agency arising by virtue of any contract or commitment (expressed or implied) entered into by the Agency before the commencement of this Part shall, on such commencement, stand transferred to the Minister.

(2) Every right and liability transferred by subsection (1) may, on and after the transfer, be sued on, recovered or enforced by or against the Minister in his or her name and it shall not be necessary for the Minister to give notice to the person whose right or liability is transferred by that subsection of such transfer.