(1)Unless otherwise expressly provided by or under this Act, all contracts, agreements and other instruments of, whatever nature subsisting or having effect immediately before the appointed day, and to which the Improvement Trust is a party or which are in favour of the Improvement Trust, shall be of full force and effect against or in favour of the concerned Municipality, and may be enforced or acted upon fully and effectually, as if, instead of the Improvement Trust, the concerned Municipality had been a party thereto as if they had been entered into or issued in favour of the concerned Municipality.
