40. (1) Every contract, agreement or arrangement made between the dissolved body or any trustee or agent thereof acting on its behalf, and any other person, which is in force immediately before the dissolution day, shall continue in force and shall be construed and have effect as if the name of the Agency were substituted therein for that of the dissolved body or, as may be appropriate, its trustee or agent, and shall be enforceable by or against the Agency.

(2) A reference to a contract, agreement or arrangement in subsection (1) includes any commitments of the Agency derived from any competition or process for the procurement of services by the Agency which was commenced before the dissolution day.