(1) On and from the commencement of this Act, the Acts specified in Schedule II shall stand repealed.
(2) The repeal of the said Acts by sub-section (1) shall not affect,-
(a) the previous operation of the said Acts or anything duly done or suffered thereunder; or
(b) any right, privilege, obligation or right conferred, accrued or incurred under any of the said Acts; or
(c) any penalty, forfeiture or punishment incurred in respect of any offence committed against any of the said Acts;
(d) any investigation, legal proceedings 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continued or enforced and any such penalty, forfeiture or punishment may be imposed as if the said Acts had not been repealed.
(3) Subject to the provisions contained in sub-section (2) and notwithstanding the repeal of the Punjab Motor Vehicles Taxation Act, 1924 (Punjab Act 4 of 1924), as extended to Delhi,-
(i) every declaration delivered under that Act in respect of any motor vehicle shall be deemed to be a declaration delivered under this Act; and
(ii) every token issued under that Act and valid immediately before the commencement of this Act, shall continue to be valid after such commencement for the unexpired portion of the period for which it has been issued.