If a company or association was, immediately before the commencement of this section:
(a) a Commonwealth - controlled company or a Commonwealth - controlled association that was:
(i) not established for a public purpose; and
(ii) not prescribed under paragraph (c) of the definition of authority of the Commonwealth as then in force; or
(b) a Commonwealth - controlled company or a Commonwealth - controlled association that was:
(i) established for a public purpose; but
(ii) taken, under a provision of an Act, never to have been so established;
then, despite paragraph (c) of the definition of authority of the Commonwealth , the company or association is to be taken not to be an authority of the Commonwealth.