(1) This section applies if:
(a) an authorisation (the pre-commencement authorisation ) was granted to a person to give effect to a provision of a contract, arrangement or understanding; and
(b) the provision is a cartel provision; and
(c) the authorisation was in force immediately before the commencement time.
(2) This Act has effect, after the commencement time, as if:
(a) the Commission had, at the commencement time, granted to the person an authorisation under subsection 88(1A) to give effect to the cartel provision; and
(b) the day specified in the subsection 88(1A) authorisation as the day the authorisation comes into force were the day on which Division 1 of Part IV commenced; and
(c) if, immediately before the commencement time, the pre-commencement authorisation was expressed to be in force for a period (the initial period ) specified in that authorisation--the subsection 88(1A) authorisation were expressed to be in force for a period specified in the subsection 88(1A) authorisation, and that period were the period:
(i) starting at the commencement time; and
(ii) ending at the end of the initial period; and
(d) any requirements for the granting of the subsection 88(1A) authorisation were satisfied.
(3) Subsection (2) does not prevent the subsection 88(1A) authorisation from being varied, revoked or set aside in accordance with this Act.