54.— (1) Any resolution passed or notice served by the Central Board or any regional board before the establishment day, the operation, effect or term of which has not ceased or expired immediately before that day, continues in force on and after that day, and has effect as if it were a resolution passed or a notice served by IFI.

(2) Any licence or permit issued by the Central Board or any regional board that was in force immediately before the establishment day continues in force on and after that day, and has effect as if it were a licence or permit issued by IFI.

(3) Each record held by the Central Board or any regional board immediately before the establishment day is on that day transferred to IFI and is, on and from that day, deemed to be held by IFI.