(1) All land and other property of every kind vested or deemed to be vested immediately before the commencement of this Act in any person for the benefit of CAROSAI shall be deemed to be transferred and vested in CAROSAI.
(2) A reference in any deed, contract, bond or security made before the commencement of this Act to any person for the benefit of CAROSAI shall, unless the context otherwise requires, be construed as a reference to CAROSAI, as from the commencement of this Act.