(a) Any reference made in law to a bond or other security or instrument to be issued hereafter under the authority of such law as being a negotiable instrument or security under former Article 8 of this code shall be deemed to mean and refer to such bond or other security or instrument issued on or after the effective date of this Act as being one to be governed by the provisions of this new Article 8.
(b) The provisions of subsection (a) shall not be deemed to impair in any manner the obligations of any bond or other security or instrument previously issued and in existence on the effective date of this Act and the same shall continue to be governed by its covenants. The provisions of this Act shall apply to such previously issued and existing bond or other security or instrument only to the extent that the provisions of this Act can be harmonized with the provisions of covenants existing on the effective date of this Act to which such bond or other security or instrument is subject on such date, without impairing its obligations.
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