(1) Upon the commencement of this Act—
(a) all land and other property of every kind, vested immediately before the commencement of this Act in the Saint Lucia Housing Authority established under section 3 of the Housing Act, 1966, and the Housing and Urban Development Corporation established under section 3 of the Housing and Urban Development Corporation Act, 1971, are hereby vested in the Corporation;
(b) all rights, privileges and all the liabilities and other obligations to which, immediately before the commencement of this Act the Saint Lucia Housing Authority and the Housing and Urban Development Corporation were entitled or subject to, are hereby transferred and conferred or imposed upon the Corporation for the purposes of this Act.
(2) A reference in any deed, contract, hypothecary obligation, bond or security, or other document to the Saint Lucia Housing Authority or the Housing and Urban Development Corporation shall upon the commencement of this Act be construed as a reference to the Corporation.
(3) Legal proceedings pending immediately before the commencement of this Act by or against the Saint Lucia Housing Authority or the Housing and Urban Development Corporation may be continued on and after that day by or against the Corporation.