OK, here is the definitive answer from a Ministerial spokesman:
Schedule 3 continues the provisions of the current Act by providing that members of existing executive committees as the time of commencement of the new Act will continue in that role for the balance of their term of appointment.
That is, a person who becomes ineligible upon commencement of the new Act would not be able to be reappointed but their current term of appointment would be continued until the end of their term.