(1) An instrument to which subsection ( 2) applies continues to have effect on and after the transfer day as if a reference in the instrument to the statutory authority were a reference to the industry services body.
(2) This subsection applies to an instrument if it is:
(a) in operation immediately before the transfer day; and
(b) is an instrument:
( i ) to which a statutory authority is a party; or
(ii) which was given to, or in favour of, a statutory authority; or
(iii) in which a reference is made to a statutory authority; or
(iv) under which any right or liability accrues or may accrue to a statutory authority.