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Nothing in this Act shall affect the legality or validity of any trust existing in Labuan arising from a document or disposition executed or taking effect, or of any act taken or done in relation to any such trust before the commencement of this Act.

Where, prior to the coming into force of this Act, a trust has been established or created in Labuan, the settlor, if he is still alive or in existence, or in any other case, the beneficiaries and the trustees including any protector, may, within a period of twelve months from the coming into force of this Act, amend or vary the trust to bring it into conformity with the provisions of this Act and upon such amendment or variation the trust shall be deemed to have been validly created in accordance with or as provided by this Act.