Clause 40

Any fund, scheme, contract, document, licence, permission or resolution constituted, prepared, made, granted or approved under the Exchange Control Ordinance, 1953 (M. Ord. 57 of 1953), the Finance Companies Act, 1967 (Act 43 of 1967), the Banking Act, 1970 (Act ...... of 1970), or any other written law relating to such functions, powers and duties as are transferred to the Authority under this Act, shall, except where otherwise expressly provided in this Act or in any other written law, continue and be deemed to have been constituted, prepared, made, granted or approved, as the case may be, under this Act.

Any legal proceeding or cause of action pending or existing immediately prior to the date of the coming into operation of this Act by or against the Government in respect of any functions or assets which under and by virtue of this Act are transferred to, or vested in, the Authority, may be continued and enforced by or against the Authority as it might have been by or against the Government, as the case may be, had this Act not come into operation.