4.—(1) On the relevant date the interest of the Council in the transferred property and (save as hereinafter provided) all liabilities attaching directly or indirectly to the Council in respect of its ownership or occupation of such property shall by virtue of this order be transferred to and vest in or attach to the transferee, and—
(a)subject to articles 6 and 7, all contracts, deeds, bonds, agreements and other instruments subsisting in favour of, or against, and all notices in force which were given (or having effect as if they had been given) by, or to, the Council in respect of such property and liabilities shall be of full force and effect in favour of, or against, the transferee; and
(b)subject to article 9, any action or proceeding or any cause of action or proceeding, pending or existing at the relevant date by, or against, the Council in respect of such property and liabilities shall not be prejudicially affected by reason of this order, and may be continued, prosecuted and enforced by, or against, the transferee.
(2) Nothing in this order shall affect the exercise by the Council at any time earlier than three months before the relevant date of any right arising from its ownership of the transferred property.