(1) On and after the appointed day, any reference in the Port Fund trust deed or any Act (other than this Act), regulation, subordinate instrument or other document to the Trustee is to be construed as a reference to the Board—
(a) so far as the reference relates to any period on or after that day; and
(b) if not inconsistent with the subject matter.
(2) On the appointed day, the Board is substituted as a party to—
(a) any proceeding pending in any court or tribunal in respect of the Port Fund to which the Trustee was a party immediately before that day; and
(b) any arrangement or contract entered into in respect of the Port Fund by the Trustee that was in force immediately before that day.
S. 22DY inserted by No. 49/2018 s. 43.