(1) The rules of the Hawthorn Company in force immediately before 1 January 1997, to the extent to which they could be made as regulations by The University of Melbourne and are not inconsistent with any rules so made, continue to have effect—
(a) as if made as regulations under a Statute of The University of Melbourne; and
(b) as if any reference to the Hawthorn Company were a reference to The University of Melbourne.
(2) Rules continued in force under subsection (1) may be amended or revoked as if they were regulations made under a Statute by The University of Melbourne.