All rights and liabilities to which, immediately before the coming into force of this Order, the Secretary of State for Trade and Industry is entitled or subject in connection with the former Trade and Industry functions are hereby transferred to the Chancellor.

This Order shall not affect the validity of anything done by or in relation to the Secretary of State for Trade and Industry before the coming into force of this Order; and anything which, at the coming into force of this Order, is in the process of being done by or in relation to the Secretary of State for Trade and Industry (including, in particular, any legal proceedings to which that Minister is a party) may, if it relates to any of the former Trade and Industry functions, be continued by or in relation to the Chancellor.

Any directions given and any arrangements or appointments, or requests for information, made by the Secretary of State for Trade and Industry before the coming into force of this Order, or having effect as if so given or made, shall, if in force at the coming into force of this Order, have effect as if given or made by the Chancellor, in so far as that is required for continuing their effect after the coming into force of this Order.

Subject to the amendments made by Schedule 2 to this Order, any instrument or contract made before the coming into force of this Order shall have effect, so far as may be necessary for the purposes or in consequence of the transfers effected by article 2 or 3 above, as if any reference to the Secretary of State for Trade and Industry or to the department or an officer of that Minister (including any reference which is to be construed as such a reference) were or included a reference to the Chancellor or the transferred CSO or an officer of the Chancellor's, as the context may require.

Documents or forms printed or duplicated for use in connection with any of the former Trade and Industry functions may be so used notwithstanding that they contain references to the Secretary of State for Trade and Industry or his department or an officer of his; and those references shall be construed as references to the Chancellor or the transferred CSO or an officer of the Chancellor's, as the context may require.

Subject to the amendments made by Schedule 2 to this Order, any reference in any instrument, contract or other document (including any such document or form as is referred to in paragraph (5) above) to the Business Statistics Office of the Department of Trade and Industry or to the Central Statistical Office (including any reference which is to be construed as such a reference) shall be construed after the coming into force of this Order as a reference to the transferred CSO.