If:
(a) immediately before the commencement of this Act, a person was a director of a company; and
(b) the holding by the person of that directorship was not a contravention of the Broadcasting Act; and
(c) apart from this section, the holding by the person of that directorship would, immediately after the commencement of this Act, be a contravention of the new Act;
the holding by the person of that directorship (including a holding on re - election) is not a contravention of the new Act.