(1) The administration and business in connection with the exercise, performance or execution of any of the functions transferred by subsection (2) are transferred to the Agency on the establishment day.
(2) The functions vested in the Director by or under the existing enactments are transferred to the Agency on the establishment day.
(3) References to the Director and the office of the Director contained in any Act (within the meaning of the Interpretation Act 2005) or instrument (including a licence or certificate granted, nomination made or consent or authorisation given thereunder) relating to any functions transferred by subsection (2) shall, on and after the establishment day, be read as references to the Agency.
(4) Anything commenced before the establishment day by or under the authority of the Director may, in so far as it relates to functions transferred by subsection (2) to the Agency, be carried on or completed on or after that day by the Agency.
(5) Where immediately