754Preservation of contracts for current PBS scheme

754 Preservation of contracts for current PBS scheme (1) This section applies to a contract between the National Transport Commission and another person that relates to the appointment or functions of the person for the purposes of the current PBS scheme and that is in force immediately before the commencement day.

(2) A contract to which this section applies and the arrangements to which the contract relates— (a) continue in force on and from the commencement day despite the commencement of any provision of this Law; and (b) apply with any necessary or appropriate modifications with respect to any relevant provisions of this Law or any relevant functions of the Regulator; and (c) so apply as if a reference in the contract to the National Transport Commission included a reference to the Regulator. (3) This section ceases to apply to a contract with another person referred to in subsection (1) if— (a) the contract is terminated; or (b) a subsequent contract is entered into with the Regulator and the other person for a similar or a corresponding purpose.