(1)Nothing in section 134 or 135, or in any repeal made by this Act, affects the validity of anything done by or in relation to the Land Authority for Wales before its functions cease to exist.
(2)There may be continued by or in relation to the Welsh Development Agency anything (including legal proceedings) which—
(a)relates to any of the functions of the Land Authority for Wales or to any property, rights or liabilities transferred by section 136(1), and
(b)is in the process of being done by or in relation to that Authority when its functions cease to exist.
(3)Anything which—
(a)was done by the Land Authority for Wales for the purpose of or in connection with any of its functions or any property, rights or liabilities transferred by section 136(1), and
(b)is in effect immediately before its functions cease to exist,
shall have effect as if done by the Welsh Development Agency.
(4)The Welsh Development Agency shall be substituted for the Land Authority for Wales in any instruments, contracts or legal proceedings which—
(a)relate to any of the functions of that Authority or to any property, rights or liabilities transferred by section 136(1), and
(b)are made or commenced before its functions cease to exist.