(1) The trust Deed which established and incorporated the Students Loan Trust Fund under the Trustees (Incorporation) Act, 1967 (Act 106) is hereby revoked.

(2) Despite the revocation in subsection (1), bye laws, notices, orders, directions, appointments, loans or any other act lawfully made, given or done under the revoked Trust Deed and operational or pending immediately before the commencement of this Act shall be considered to have been made, given or done under this Act and shall continue to have effect until revoked, cancelled or terminated.