§ 107. Pending actions and proceedings. This chapter shall not affect any action or proceeding, civil or criminal, brought by or against the transit commission, or the former transit construction commissioner, public service commission for the first district, or the board of rapid transit railroad commissioners in respect of rights, powers, duties and obligations transferred to and conferred upon the board of transportation; but such action or proceeding may be prosecuted or defended in the name of the board of transportation and, upon application to the court, the board of transportation shall be substituted as a party in such pending action or proceeding. Any investigation, examination or hearing, undertaken, commenced or instituted by the transit commission or the transit construction commissioner or the public service commission for the first district or the board of rapid transit railroad commissioners before the time this article takes effect, and relating to a subject or matter jurisdiction whereof was transferred to the board of transportation, may be conducted to final determination by the board of transportation.