49.—With effect from the establishment day—

(a) every document (including any certificate or licence) made, issued or granted in the exercise of a function transferred by section 9 shall, if and in so far as it was operative immediately before the establishment day, have effect on and after that day as if it had been granted or made by the Commission, and

(b) references to the Director in any Act (other than section 15(5)(a)) or in any other document (being an instrument made, issued or granted under a power or authority conferred by any Act) shall, in so far as it was operative immediately before the establishment day and where the context so allows, be read and have effect on and after that day as a reference to the Commission.