52.— Every contract, agreement or arrangement made between the Central Board or a regional board and any other person and in force immediately before the establishment day—

(a) continues in force on and after that day,

(b) is to be read and have effect as if the name of IFI were substituted in the contract, agreement or arrangement for that of the Central Board or regional board concerned, and

(c) is enforceable by and against IFI.