(1) The Industrial Disputes (Banking and Insurance Companies) Second Ordinance, 1949 (28 of 1949) is hereby repealed.
     (2) Notwithstanding such repeal, anything done or any action taken in the exercise of any power conferred by or under the said Ordinance shall be deemed to have been done or taken in the exercise of the powers conferred by or under this Act, as if this Act were in force on the day on which such thing was done or action taken.