(1) On the commencement day the Crown lease vests in VRC Limited as lessee for the remainder of the term of the lease.
(2) On and after the commencement day—
(a) all references in the Crown lease to the lessee (however described) are to be read as references to VRC Limited;
(b) the reference in the Crown lease to section 44 of the old Act is to be read as a reference to section 24 of this Act.