(1) On the commencement day, the Chief Executive is, by force of this section, substituted for the Director as a party to any arrangement or contract—
(a) entered into by or on behalf of the Director as a party; and
(b) that is in force immediately before that day.
(2) A reference to the Victorian Council of the Arts or the Director in any Act (other than this Act), subordinate instrument, agreement, deed or other document must be construed as a reference to the Chief Executive—
(a) so far as the reference relates to any period on or after the commencement day; and
(b) if not inconsistent with the subject matter.