The Act and the provisions of the Act specified in Schedule 7 apply subject to the modifications specified in Schedule 7 to and in relation to the person who:
(a) on 3 February 1986, holds the office of Managing Director of the Australian Trade Commission and becomes an eligible employee by virtue of a direction given by the Commissioner under subsection 14 (1) of the Act; and
(b) was, for the period commencing on 8 February 1966 and ending on the expiration of 31 December 1977, a member of a superannuation scheme known as the Kennecott Pension Plan.