52.—Every bond, guarantee or other security of a continuing nature made or given by or on behalf of the Registration Council to any person or given by any person to and accepted by or on behalf of the Registration Council and every contract or agreement made between the Registration Council, or any trustee or agent acting on its behalf, and any other person, and in force but not fully executed and completed immediately before the establishment day shall continue in force on and after that day and shall be construed and have effect as if the name of the Council were substituted therein for that of the Registration Council or, as the case may be, any trustee or agent acting on its behalf, and shall be enforceable by or against the Council.