(1) There is constituted by this Act a body corporate with the corporate name of the Water Investment Trust.
(2) The Trust has such functions as are conferred or imposed on it by or under this or any other Act or law.
(3) The Trust is, for the purposes of any Act, a statutory body representing the Crown.
(4) The affairs of the Trust are to be managed by a Board of Trustees.
(5) Subject to this section, the constitution and procedure of the Board of Trustees are to be as prescribed by the regulations.