7.—(1) Any property described in column (2) of Schedule 2 of an authority named in column (1) and all liabilities attaching to the said authority in respect of any such property shall by virtue of this order be transferred to and vest in or attach to the authority specified in respect of such property in column (3), and—
(a)all contracts, deeds, bonds, agreements and other instruments subsisting in favour of, or against, and all notices in force which were given (or have effect as if they had been given) by, or to, the authority named in the said column (1) in respect of such property and liabilities shall be of full force and effect in favour of, or against, the authority specified in column (3); and
(b)any action or proceeding or any cause of action or proceeding, pending or existing at the coming into operation of this order, by, or against, the authority named in the said column (1) in respect of such property and liabilities shall not be prejudicially affected by reason of this article, and may be continued, prosecuted and enforced by, or against, the authority specified in column (3).
(2) Articles 28 to 37 of the London Authorities (Property etc.) Order 1964 shall apply as if paragraph (1) were contained in the said order.