Every bond, guarantee or other security of a continuing nature made or given by or on behalf of the Minister in respect of the driver testing service or any other function transferred to the Authority to any person or given by any person to and accepted by or on behalf of the Minister in respect of the driver testing service or any other function transferred to the Authority and every contract or agreement made between the Minister in respect of the driver testing service or any other function transferred to the Authority, or any trustee or agent thereof acting on its behalf, and any other person, and in force but not fully executed and completed immediately before the establishment day shall continue in force on or after that day and shall be construed and have effect as if the name of the Authority were substituted therein for that of the Minister in respect of the driver testing service or any other function transferred to the Authority or, as appropriate, its said trustee or agent and shall be enforceable by or against the Authority.