(1) Until the appropriate arrangements are made and effective and efficient mechanisms are set up for a diclotomy establishing an airport management which undertakes the development and management of aerodromes on sound commercial principles, and leaving the Authority to focus on airspace management and safety regulations,

(a) the assets and liabilities of, and property vested in the former Authority immediately before the coming into force of this Act shall vest in the Authority,

(i) subject to the directions in writing of the President, and

(ii) without further assurance than this paragraph;

(b) proceedings taken by or against the former Authority may be continued by or against the Authority;

(c) a contract subsisting between the former Authority and any other person and in force immediately before the coming into force of this Act shall, subject to the directions in writing of the President, subsist between the Authority and that other person;

(d) the Authority shall continue to perform the functions under the repealed Act relating to the establishment, development and management of aerodromes.

(2) For the purposes subsection (1), "former Authority" means the Authority established under the law repealed by section 43.