Transfer of provident, superannuation and'other like funds; to the, Boardv—=1 7

(1) Where the City Improvement Trust has established a provident fund or superannuation fund or any other like fund for the benefit of its employees and constituted a trust in respect thereof (hereinafter referred to as the existing trust), the moneys standing to the credit of any such fund on the appointed day, together with any other assets belonging to such fund shall, subject to the provisions of subsection (2), stand transferred to and vested in the Board on the appointed day, free from any such existing trust. (2) The Board shall, as soon as may be after the appointed day, constitute in respect of the moneys and other assets which are transferred to and vested in it under subsection (1), one or more trusts having objects similar to the objects of the existing trust as may be feasible. (3) Where all the moneys and other assets belonging to the existing trust are transferred to and vested in the Board under subsection (1), the trustees of such trust shall, as from the appointed day, be discharged from the trust, except as respects things done or omitted to be done before the appointed day.