(1) The body corporate constituted by the Minister and referred to in section 5 of the repealed Act is preserved and continued in existence and is to be known by such designation as is, from time to time, conferred on the Minister by the Governor under the Constitution Acts Amendment Act 1899.

(2) The corporate identity and the rights, obligations and assets of the body corporate are not affected by the repeal of the repealed Act.

(3) The body corporate ¾

(a) has perpetual succession;

(b) may sue and be sued in its corporate name; and

(c) is capable of doing and suffering all that bodies corporate may do and suffer.