48.—(1) Every bond, guarantee or other security of a continuing nature made or given by or on behalf of the Director to any person or given by any person to and accepted by or on behalf of the Director shall continue in force on and after the establishment day.

(2) Every contract or agreement in writing made between the Director 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 the establishment day.

(3) For the purposes of subsection (1) and (2), every bond, guarantee or other security and every contract or agreement in writing to which those paragraphs relate shall be read and have effect as if—

(a) the Commission were substituted for the Director as party to it, and

(b) the name of the Commission were substituted in it for that of the Director,

and shall be enforceable by or against the Commission.