(1) On the date of commencement of this Act, the Bombay Khar Lands Act, 1948 (Bom. LXXII of 1948), shall stand repealed.
(2) On such repeal, the Board established under the repealed Act shall stand dissolved and the Chairman and members thereof shall vacate their respective offices; and upon such dissolution of the Board, the assets, rights and liabilities of the Board shall, on and from the date of commencement of this Act, be the assets, rights and liabilities of the State Government.
(3) Any scheme, licence, permission, appointment, rule, by-law, regulation, notice, notification or order made, issued or granted under the repealed Act and in force immediately before the commencement of this Act shall, in so far as it is not inconsistent with the provisions of this Act, be deemed to be made, issued or granted under this Act and continue in force until it is duly modified or revoked by a competent authority under this Act. (4) Such repeal shall not affect any right, obligation or liability, acquired or incurred or any penalty or forfeiture incurred by any person before the date of commencement of this Act or any legal proceeding or remedy, in respect of any such right, obligation, liability, penalty or forfeiture, and any such legal proceeding or remedy may be instituted, continued or enforced, and any such penalty or forfeiture may be imposed, as if this Act had not been enacted, and accordingly any amount of contribution or loan due under the repealed Act from any person immediately before the date of commencement of this Act shall be deemed to be due to the State Government and continue to be recoverable from him as arrears of land revenue.