(1) The Act of 1972 is hereby repealed.

(2) Any unit trust scheme which, immediately before the passing of this Act, was a registered unit trust scheme under the Act of 1972 shall be deemed to be an authorised unit trust scheme and the provisions of this Act shall, subject to subsection (3), apply, accordingly, to such scheme.

(3) Section 8(2) shall not have effect with respect to a unit trust scheme referred to in subsection (2) until the day which is 3 months after the date of the passing of this Act.

(4) The Minister and the registrar of companies shall, on the passing of this Act, to such extent as may be required by the Bank, transfer all documents and records relative to unit trust schemes registered under the Act of 1972 in their possession to the Bank.