7. Without prejudice to the generality of the provisions of regulations 4, 5(1) and 6 above, any legal proceedings or proceedings by or before any authority or arbitrator pending immediately before the vesting date by or against the society in so far as they relate to any property, right, liability or obligation transferred to the successor company by virtue of section 97 of the Act or to any agreement relating to any such property, right, liability or obligation shall, as from the vesting date, fall to be continued by or against the successor company to the exclusion of the society.