3 (1) The designation under section 1 of a public port set out in Schedule 3 is repealed effective on the day on which the bed of the navigable waters at the port that is owned by Her Majesty in Right of Canada, or the last part of it, or, if applicable, the day on which the entire public port facility at the port, or the last part of it, is transferred to a person or body by Her Majesty in Right of Canada as represented by the Minister of Transport, whichever is later.