7.—(1) Nothing in this Order shall release, discharge or suspend any action, arbitration or other proceeding, or any cause of action, arbitration or other proceeding, pending or existing immediately before the operative date—
(a)by or in favour of or against the Council; or
(b)by or in favour of or against the Company as agent for the Council;
in relation to the undertaking of the Council at the designated harbour, and any such action, arbitration or other proceeding or cause of action, arbitration or other proceeding may be maintained, prosecuted or continued by or in favour of or against the Council or, in the case of paragraph (b) above, the Company.