((a)) ** .—** In this section, the term “old fund” means a capital construction fund maintained before .

((b)) ** .—** A person maintaining an old fund may elect to continue the old fund, but may not—

((1)) hold amounts in the old fund beyond the expiration date provided in the agreement under which the old fund is maintained (determined without regard to an extension or renewal made after ); or

((2)) maintain simultaneously the old fund and a new fund established under this chapter.

((c)) ** .—** If a person makes an agreement under this chapter to establish a new fund, the person may agree to extend the agreement to some or all of the amounts in an old fund. Each item in the old fund to be transferred shall be transferred in a nontaxable transaction to the appropriate account in the new fund. For purposes of , the date of the deposit of an item so transferred shall be , or the date of the deposit in the old fund, whichever is later.