Section 620. Repeal and savings

(1) The Companies Act 1965 is repealed.

(2) Notwithstanding subsection (1)—

(a) any fee, charge or any sum paid or unpaid under the repealed Companies Act 1965 on the date immediately before the coming into operation of the relevant provision of this Act shall, in respect of the corresponding period, be deemed to have been paid or unpaid under the provisions of this Act;

(b) any pending application to the Minister or the Registrar under the Companies Act 1965 immediately before the commencement of this Act shall be treated as though this Act has not been enacted; and

c) any approval, direction, decision, notification, exemption and other executive acts, howsoever , called made, given or done under or in accordance with, or by virtue of the corresponding provisions of this Act by the Minister, the Commission or the Registrar, and shall continue to remain in full force and effect in relation to the persons to whom the approval, direction, decision, notification, exemption and other executive acts applied until amended, repealed, rescinded, revoked or replaced under, in accordance with or by virtue of, the corresponding provisions of this Act.

(3) Nothing in the Companies Act 1965 or this Act shall affect any person’s liability to be prosecuted or punished for offences or breaches committed before the commencement of this Act or any proceeding brought, sentence imposed or action taken before that day in respect of such offence or breach.

(4) Anyright, privilege, obligation or liability acquired, accrued or incurred before the effective date or any legal proceedings, remedy or investigation in respect of such right, privilege, obligation or liability shall not be affected by this Act and shall continue to remain in force as if this Act has not been enacted.