1394. (1) In this section “existing investment company” means an investment company to which Part XIII of the Act of 1990 applies and which—

(a) was incorporated under the prior Companies Acts; and

(b) is in existence immediately before the commencement of this section.

(2) An existing investment company shall, on and from the commencement of this section, continue in existence and be deemed to be an investment company to which this Part applies.