the functions of the management committee of the scheme shall be transferred to and exercised by the Railways Board;

any existing terms of the scheme relating to the holding of meetings of participants in order to elect or appoint members of the management committee, or otherwise relating to the election, appointment or tenure of office of such members, shall cease to have effect;

the audit of the funds of the scheme shall be carried out by a single auditor from time to time appointed for the scheme by the Railways Board (the terms of the appointment being determined by the Railways Board) and the existing terms of the scheme relating to the appointment or election of auditors by the employer or by the participants shall cease to have effect.