(1) A reference in paragraph 850A(2)(b) to a body corporate declared under subsection 850A(3) is taken to include a reference to a body corporate that, immediately before the commencement time, was specified for the purposes of paragraph 850A(b).
(2) Subsection (1) of this section ceases to have effect on the commencement of the first declaration made under subsection 850A(3).