(1) The assets, funds, securities, effects, choses in action, and property of every description, both real and personal, belonging to or vested in the Western Australian Trotting Association (Incorporated) immediately before the commencement of this Act shall, upon the commencement of this Act, be and the same are hereby vested in the Association which shall take over and assume liability for all charges, debts, obligations, engagements and liabilities of the Western Australian Trotting Association (Incorporated) as existing immediately before the commencement of this Act.

(2) All deeds, conveyances, assurances, grants, leases, purchases, sales, mortgages, liens, bonds, covenants, agreements, contracts, securities, notices, declarations of trust and other acts and deeds which before the commencement of this Act shall have been executed, made or entered into by the Western Australian Trotting Association (Incorporated), and which shall be then in force, and all obligations and liabilities which at the time of the commencement of this Act shall have been incurred by the Western Australian Trotting Association (Incorporated) shall be as valid and of as full force and effect in favour of or against the Association as if the same had been executed, made or entered into by the Association instead of by the Western Australian Trotting Association (Incorporated).

(3) All causes, suits, actions and rights of action which shall have accrued before or shall be in any manner enforceable by or for or against the Western Australian Trotting Association (Incorporated) at the commencement of this Act shall, subject to the provisions of this Act, be and remain as good, valid and effectual for or against the Association as they would or might have been for or against the Western Australian Trotting Association (Incorporated) if this Act had not been passed.

(4) Where in any other Act reference is made to the Western Australian Trotting Association (Incorporated) such reference shall be deemed to be made to the Association.