(1) On the date of commencement of this Act, the Lord Reay Maharashtra Industrial Museum Act, 1947 (Bom. XXXII of 1947), shall stand repealed.
(2) Notwithstanding the repeal of the Lord Reay Maharashtra Industrial Museum Act, 1947 (Bom. XXXII of 1947), by sub-section (1) and notwithstanding anything contained in section 6, the Board constituted under the repealed Act shall be deemed to be the Board constituted under this Act on the date of commencement of this Act, and the members thereof in office immediately before the said date shall continue to hold office until the successor Board is duly constituted in accordance with the provisions of section 6 and the first meeting of such successor Board is held. Immediately before such first meeting is held, the existing members shall be deemed to be discharged, but such discharge shall not absolve any of them from any liability accruing before their discharge.
(3) The rules and by-laws made under the repealed Act and in force immediately before the date of commencement of this Act shall, in so far as they are not inconsistent with the provisions of this Act, be deemed to have been made under the relevant provisions of this Act, and be in force accordingly, until superseded by rules or by-laws made under this Act.
(4) with effect from the date of commencement of this Act,-
(a) the Curator and other officers and servants appointed under the repealed Act and holding office on the day immediately preceding such date shall be deemed to be appointed as the Director and other officers and servants under this Act, on the same terms and conditions as were applicable to them immediately before that date, until the said terms and conditions are varied by a competent authority under this Act;
(b) all persons who were members of the Museum on the day immediately preceding such date shall be deemed to have become members of the Museum under this Act under the corresponding class;
(c) all rights of the Board constituted under the repealed Act shall vest in the Board under this Act;
(d) all debts, liabilities and obligations incurred by or on behalf of the Board constituted under the repealed Act and subsisting immediately before the date of commencement of this Act shall be deemed to have been incurred by the Board in exercise of the powers conferred on it by this Act and shall continue in operation accordingly;
(e) any reference in any law or in any instrument to the Board constituted under the repealed Act shall be construed as a reference to the Board, and such law or instrument shall apply to the Board.