Notwithstanding any other provision of this Act or any provision of the Act of 1980, the Secretary of State, on the application of the Corporation, may by order at any time transfer to any person (“the transferee”) with the agreement of that person all or any of the functions conferred or imposed on the Corporation by or under this Act.

Following any transfer under subsection (1) above, the transferee shall have all the rights, liabilities and obligations to which the Corporation is entitled or subject in relation to the functions transferred; and any agreement to which the Corporation is a party that relates wholly or partly to the functions transferred and is in force immediately before the date of the transfer shall to the extent that it relates to those functions have effect on and after that date as though references in it to the Corporation were or, as the case may require, included references to the transferee.