(1) The regulations may make provision for and in relation to:
(a) the substitution of the Territory for the Commonwealth as a party to a prescribed contract or a contract included in a class of prescribed contracts; and
(b) matters arising from, connected with or consequential upon any such substitution.
(2) In subsection (1), prescribed contract means a contract:
(a) which was subsisting immediately before the commencing date or was entered into on or after that date and before the date of commencement of the Northern Territory (Self-Government) Amendment Act 1982 ;
(b) to which the Commonwealth is a party; and
(c) which relates to a matter specified under section 35;
other than a contract referred to in subsection 69(6).