SECTION 22. Effect on existing custodianships

(a) Any transfer of custodial property as now defined in this chapter made at a time when this chapter was entitled the Uniform Gifts to Minors Act is validated notwithstanding that there was no specific authority in the Massachusetts Uniform Gifts to Minors Act for the coverage of custodial property of that kind or for a transfer from that source at the time the transfer was made.

(b) This chapter applies to all transfers made before it became the Uniform Transfers to Minors Act in a manner and form prescribed in the Massachusetts Uniform Gifts to Minors Act except insofar as the application impairs constitutionally vested rights or extends the duration of custodianships in existence on the effective date of this chapter.

(c) Sections one and twenty with respect to the age of a minor for whom custodial property is held under this chapter shall not apply to custodial property held in a custodianship that terminated because of the minor's attainment of the age of majority before the date this chapter became the Uniform Transfers to Minors Act.