Despite the repeal of the Institute of Chartered Accountant of Saint Lucia (INC) Act—
(a) the Institute of Chartered Accountants of Saint Lucia established under the Institute of Chartered Accountants of Saint Lucia (INC) Act and referred to in Articles 11 and 17 of the agreement, shall continue to exist for 120 days following the date of the appointment of the First Council under Article 17 and shall, within that period, wind up it operations and submit a report on the same to the First Council;
(b) any rules, regulations, orders or bylaws made under the Act referred to in subsection (1), shall remain in force until replaced by rules made by the Council under article 5 of the Agreement.