(1)The Welsh Industrial Estates Corporation shall cease to exist, and all that Corporation's property, rights and liabilities shall vest in the Agency; and for the avoidance of doubt, it is hereby declared that planning permission shall be deemed to have been granted under section 29 of the [1971 c. 78.] Town and Country Planning Act 1971 in respect of any development initiated by the Corporation before the commencement of this Act.
(2)Schedule 2 to this Act shall have effect.