Section 128

all regulations, orders, directions, notifications, exemptions and other subsidiary legislation, howsoever called; and

all approvals, directions, decisions, notifications, exemptions and other executive acts, howsoever called, made, given, or done under, or in accordance with, or by virtue of, the repealed Acts shall be deemed to have been made, given, or done under, or in accordance with, or by virtue of, the corresponding provisions of this Act, and shall continue to remain in full force and effect in relation to the persons to whom they applied until amended, repealed, rescinded, revoked or replaced under, in accordance with, or by virtue of, the corresponding provisions of this Act.

every guideline, circular, or note issued by the Bank or the Minister to banks, finance companies, merchant banks, discount houses or money-brokers before the effective date, and in force immediately before the effective date, shall be deemed to have been lawfully issued under section 126 in relation to the particular provision of this Act corresponding to the matter dealt with in the guideline, circular or note, and shall remain in full force and effect until it is amended, rescinded, or replaced under this Act;

any application for a licence, approval or consent, or for any other purpose whatsoever, or any appeal, made by any person to the Minister or to the Bank under either of the repealed Acts before the effective date, and pending immediately before the effective date, shall, if there is a corresponding provision in this Act, be dealt with as if it was made under that provision and, if there is no such corresponding provision in this Act, such application or appeal shall lapse on the effective date; and

all transactions or dealings lawfully executed or entered into, and all business lawfully done, under or in accordance with any of the repealed Acts by a person who was licensed under the respective repealed Act and who is licensed or deemed to be licensed in respect of a corresponding business under this Act, with any depositor or other customer, creditor, debtor, or other person, shall be deemed to have been lawfully and validly executed, entered into, or done, under and in accordance with this Act, and, accordingly any right or liability under such transaction dealing or business existing, immediately before the effective date, shall be deemed to continue to be lawful and valid under this Act.