(1) Whenever any statutory fund was in existence on the 6th day of December, 1921, and served purposes relating to the whole of the late United Kingdom, or to any part thereof which included the area now comprised in Saorstát Eireann, the Executive Council may by Order establish a fund to serve in Saorstát Eireann the like purposes as were on the 6th day of December, 1921, served in the area aforesaid by such statutory fund.

(2) Whenever the Executive Council establishes a fund under this section to serve the purposes of any statutory fund, the Executive Council shall, by the Order establishing such fund, apply to such fund with the necessary adaptations and modifications the several Acts of the British Parliament regulating such statutory fund.