Section 3Part 0 —
Application
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With effect from the 1st May, 1990 this Law shall apply, in place of the law in effect prior to that date, to every disposition of property made before or after the 1st May, 1990, by any person and whether or not the property, the subject of the disposition, is situate in the Islands or elsewhere; save that in any action or proceeding commenced prior to the 1st May, 1990 or within six months of that date, but in respect of a disposition made prior to that date this Law shall have no application and the law to be applied shall be that in effect prior to the 1st May, 1990.