(1) Act No. 234 of the Public Acts of 1925, as amended, being section 120.1 to 120.35 of the Compiled Laws of 1970, is repealed.

  (2) Subsection (1) shall not take effect until the constituent bodies of each port authority created pursuant to Act No. 234 of the Public Acts of 1925 and in existence on the effective date of this act participate in the creation of an authority pursuant to this act and the membership of the commission governing that authority is appointed.