(1) Every contract or agreement made between the Board (or any trustee or agent acting on its behalf) and any other person, and in force immediately before the appointed day, continues in force on and after that day.
(2) A contract or agreement referred to in subsection (1) -
(a) is to be read and have effect as if the name of the Minister were substituted in it for that of the Board or, as the case may be, any trustee or agent acting on its behalf, and