(1) The functions vested in the dissolved body immediately before the dissolution day by or under subsections (4) and (5) of section 47, subsection (1) of section 48 and subsection (3) of section 50 of the Act of 2012 are transferred to the Minister.

(2) The functions vested in the dissolved body as a relevant authority immediately before the dissolution day by or under the Public Service Pensions (Single Scheme and other Provisions) Act 2012 are transferred to the Minster.

(3) References in any enactment or instrument under an enactment to the Credit Union Restructuring Board, to the extent that such references relate to a function transferred to the Minister under this section, shall be construed as references to the Minister.

(4) This section shall come into operation on the dissolution day.