Section 41

All deeds, bonds, agreements, instruments and working arrangements, subsisting immediately before the commencement of this Act, affecting any of the undertakings, assets and liabilities vested in the Board under this Act, shall have as full force and effect against or in favour of the Board, and be enforceable as fully and effectually as if, instead of the City Council or any person acting on behalf of the City Council, the Board had been named therein or had been a party thereto.