In this Part—
"commencement day" means the day on which this Act comes into operation;
liabilities means all liabilities, duties and obligations, whether actual, contingent or prospective;
"old Act" means The Victoria Racing Club Act 1871 ;
"old body" means—
(a) VRC; or
(b) the person who is the Chairman for the time being of the committee of VRC acting on behalf of VRC; or
(c) the members collectively of VRC;
"property" means any legal or equitable estate or interest (whether present or future and whether vested or contingent) in real or personal property of any description;
"rights" means all rights, powers, privileges and immunities, whether actual, contingent or prospective.