Repeals and savings

(1) On the commencement of this Act, the Puducherry Co-operative Societies Act, 1965 (Act 11 of 1965) and the Madras Co-operative Land Mortgage Banks Act, 1934 (Madras Act 10 of 1934) as in force in the Union territory of Puducherry shall stand repealed. (2) The repeal by sub-section (1) of the corresponding law shall not affect- (i) the previous operation of the corresponding law or anything done or duly suffered thereunder; or (ii) any right, privilege, obligation or liability acquired, accrued or incurred under the corresponding law; or (iii) any penalty, forfeiture or punishment incurred in respect of any offence committed against the corresponding law; or (iv) any investigation, legal proceedings or remedy in respect of any such right, privilege, obligation, liability, penalty, forfeiture or punishment as aforesaid and any such investigation, legal proceeding or remedy may be instituted, continued or enforced and any such penalty, forfeiture or punishment may be imposed as if this Act had not been passed. (3) Subject to the provisions of sub-section (2), anything done or any action taken, including any appointment or delegation made, notification, order, instruction or direction issued, or any rule or regulation made or form prescribed, certificate granted or registration effected, under the corresponding law shall be deemed to have been done or taken under this Act and shall continue to have effect accordingly, unless and until superseded by anything done or any action taken under this Act. (4) Notwithstanding the repeal of the enactments referred to in sub-section (1), any society existing in the Union territory of Puducherry on the date of the commencement of this Act which has been registered or deemed to be registered under the repealed enactments shall be deemed to be registered under this Act and the by-laws of such society shall so far as they are not inconsistent with the provisions of this Act, continue in force until altered or rescinded.