A pastoral lease for a term of years, or a pastoral homestead lease, in existence immediately before the commencement of this Act shall, subject to section 130, continue in existence under this Act after the commencement as if granted under this Act for the unexpired period of its term and is subject not only to the reservations and conditions applicable to it under this Act but also to those applicable to it immediately before the commencement, to the extent that they are not inconsistent with this Act.