(1) The instruments that comprise the current PBS scheme—
(a) continue in force on and from the commencement day despite the commencement of any provision of this Law; and
(b) apply with any necessary or appropriate modifications with respect to any relevant provisions of this Law or any relevant functions of the Regulator; and
(c) so apply as if a reference in the instruments to the National Transport Commission included a reference to the Regulator.
(2) This section ceases to apply to an instrument if it is replaced by approved guidelines or it is otherwise dispensed with.