(1) Any law corresponding to this Act in force in the Union territory immediately before the commencement, of this Act, shall stand repealed on such commencement of this Act;
Provided that repeal shall not affect—
(a) (i) the previous operation of the corresponding law or anything done or duly suffered thereunder;
(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 investigations, legal proceeding 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; or
(b) the operation of the corresponding law in respect of chit started before the commencement of this Act.
(2) Subject to the provisions of sub-section (1) anything done or any action taken, including any appointment or delegation made, notification, order, instruction or direction issued, or any rule, regulation or form framed, 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be deemed to have been done or taken under this Act and shall continue to have effect accordingly, unless and until superseded by anything done or any action taken under this Act.
Manual of Goa Laws (Vol. I) – 698 – Chit Funds Act Secretariat, B. N. MASURKAR, Law Secretary.
Panaji, 18th December, 1973.