(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 dissolution day of any of the functions of the Commission shall, on and after that day, lie against the IAA and not against the Commission.

(2) Any legal proceedings pending immediately before the dissolution day to which the Commission is a party shall be continued, with the substitution in the proceedings of the IAA for the Commission.

(3) Where, before the dissolution 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 the Commission, be enforceable against the IAA and not the Commission.