(1)  The Legislative Council and House of Assembly as at present constituted shall be continued under, and subject to, the provisions of this Act.

(2)  Subject to the provisions of this Act, all Members of Parliament holding office at the passing of this Act shall continue so to do, and every such Member, or, if he shall sooner vacate his office, the person, if any, who is elected to fill his place, otherwise than at a periodical election, shall retire at the time at which such Member would have retired by effluxion of time if this Act had not been passed.