50.—(1) Where, immediately before the establishment day, any legal proceedings are pending in any court or tribunal and the Registration Council or any trustee or agent acting on its behalf is a party to the proceedings, the name of the Council shall be substituted in the proceedings for that of the Registration Council or, as the case may be, the trustee or agent, or added in those proceedings as may be appropriate, and those proceedings shall not abate by reason of the substitution.

(2) The Minister shall, out of moneys provided by the Oireachtas, indemnify the Council against all costs incurred by it in or in connection with legal proceedings referred to in subsection (1).