8.— (1) The administration and business in connection with the exercise, performance or execution of any of the functions transferred by subsection (2) are transferred, on the establishment day, to IFI.

(2) The functions vested in the Central Board or a regional board by or under—

(a) the provisions of the enactments mentioned in Schedule 2 , and

(b) the regulations mentioned in Schedule 3 ,

are, on the establishment day, transferred to IFI.

(3) (a) The Acts specified in Schedule 2 are amended on the establishment day as indicated in that Schedule.

(b) The statutory instruments specified in Schedule 3 are amended on the establishment day as indicated in that Schedule. The fact that those instruments are so amended does not preclude their subsequent amendment by the relevant instrument making authority.

(4) If a provision of an enactment referred to in Schedule 2, or a provision of an instrument made under such enactment, does not come into effect until on or after the establishment day, a function that on the passing of that enactment or the making of that instrument was assigned under or in connection with that provision to the Central Board or any regional board is, by this Act, transferred to IFI on the commencement of that provision. References in any other Act or instrument made under an Act not mentioned in subsection (3) to the Central Board or a regional board are to be read as references to IFI.

(5) The functions transferred by this Act to IFI include the functions specified in any enactment referred to in Schedule 2 or Schedule 3 as a function of the following—

(a) the chief executive officer of the Central Board, and

(b) the chief executive officer of any regional board.

(6) Subject to this or any other enactment, IFI shall have all powers necessary or expedient to perform its functions.