(1) With effect from the date on which the Committee is established under section 3, the Cotton Textiles Fund Ordinance, 1944 (34 of 1944), shall stand repealed.
     (2) Notwithstanding the repeal of the said Ordinance,--
         (a) all moneys at the credit of the Cotton Textiles Fund established under the repealed Ordinance immediately before the said date shall with effect from the said date stand transferred to and form part of the Textiles Fund referred to in section 7;
         (b) any rules made or deemed to have been made or anything done or any action taken in exercise of any of the powers conferred by or under the said Ordinance shall be deemed to have been made, done or taken in exercise of the powers conferred by or under this Act, as if this Act were in force on the day on which such rules were made, such thing was done or such action was taken.