(1) A claim in respect of any loss or injury alleged to have been suffered by any person arising out of the performance before the establishment day of any of the functions of a dissolved body shall on and after that day, lie against the Commission and not against the dissolved body.

(2) Any legal proceedings pending immediately before the establishment day to which a dissolved body is a party, shall be continued, with the substitution in the proceedings of the Commission in so far as they so relate, for the dissolved body.

(3) Where, before the establishment day, agreement has been reached between the parties concerned in settlement of a claim to which subsection (1) relates, the terms of which have not been implemented, or judgment in such a claim has been given in favour of a person but has not been enforced, the terms of the agreement or judgment, as the case may be, shall, in so far as they are enforceable against a dissolved body, be enforceable against the Commission and not the dissolved body.