(1) Where an Improvement Trust has established a provident fund or superannuation fund or any other similar fund for the benefit of its employees and constituted 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 stand transferred to and vested in the Authority free from any right of such existing trust and the Authority shall, as soon as may be, constitute in respect of the moneys and other assets which are so transferred to and vested in it, one or more trusts having objects similar to the objects of the existing trusts as may be practicable.
(2) Where all the moneys and other assets belonging to the existing trust are transferred to and vested in the Authority under sub-section (1), the trustees of such trust, as from the date of such transfer be discharged from the trust, except as regards things done or omitted to be done before such transfer.