(1) The Arrete No. 476 dated 14-5-1959 as amended by Arrete dated 1-12-1960, is hereby repealed.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 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.
(3) Subject to the provisions of sub-section (2) anything done or any action taken under the corresponding law repealed by sub-section (1) shall be deemed to have been done or taken under this Act and shall continue to be in force accordingly unless and until superseded by anything done or any action taken under this Act.
________ STATEMENT OF OBJECTS AND REASONS FOR ACT 3 OF 1971 Industrial development is the prime concern of the State. The Government have been aiding and assisting industries in various ways. The Arrete No.476 dated 14-5-1959, which the present Bill replaces, only provides for granting loans upto Rs.50,000. By the present Bill, the Government seeks power to grant bigger loans in appropriate cases. The Bill also provides for the establishment of a Board of Industries which will advise the Government in giving aid to industries in various ways.
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