11D. Every contract, agreement or arrangement made between IBRC and any other person—

(a) in relation to a residual matter that is transferred to the Agency or a subsidiary of the Agency, as the case may be, pursuant to a transfer agreement, and

(b) which is in force immediately before the transfer date,

shall continue in force on and after the transfer date and shall be construed and have effect as if the name of the Agency or the subsidiary of the Agency, as the case may be, were substituted therein for the name of IBRC and shall be enforceable by or against the Agency or the subsidiary of the Agency, as the case may be.]