All contracts, deeds, bonds or agreements entered into or made by the former highway authority for a highway which becomes a trunk road, or by a council for the purposes of functions in relation to the highway under any enactment to which section 265 of this Act applies, and subsisting on the day on which the highway became a trunk road, have effect, in so far as they relate to the property and liabilities transferred to the MinisterF1or a strategic highways company in respect of that highway, with the substitution of the MinisterF2or the company for the authority or council and may be enforced by or against the MinisterF2or the company accordingly.