Section 509 — Repeal and savings

(1) The Companies Ordinance, 1984 (XLVII
of 1984), hereinafter called as repealed Ordinance, shall stand repealed, except Part
VIIIA consisting of sections 282A to 282N, from the date of coming into force of
this Act and the provisions of the said Part VIIIA along with all related or connected
provisions of the repealed Ordinance shall be applicable mutatis mutandis to Non-
banking Finance Companies in a manner as if the repealed Ordinance has not been
repealed:

Provided that repeal of the repealed Ordinance shall not−

(a) affect the incorporation of any company registered or saved under
repealed Ordinance; or

(b) revive anything not in force at the time at which the repeal take
effect; or

(c) affect the previous operation of the repealed Ordinance or anything
duly done or suffered thereunder; or

(d) affect any right, privilege, obligation or liability acquired, accrued
or incurred under the said repealed Ordinance; or

(e) affect any penalty imposed, forfeiture made or punishment awarded
in respect of any offence committed under the repealed Ordinance;
or

(f) affect any inspection, investigation, prosecution, legal proceeding or
remedy in respect of any obligation, liability, penalty, forfeiture or
punishment as aforesaid, and any such inspection, investigation,
prosecution, legal proceedings or remedy may be made, continued
or enforced and any such penalty, forfeiture or punishment may be
imposed, as if this Act has not been passed.

(2) Notwithstanding the repeal of the repealed Ordinance—
(a) any document referring to any provision of the repealed Ordinance
shall be construed as referring, as far as may be, to this Act, or to the
corresponding provision of this Act;

(b) all rules, regulations, notification, guideline, circular, directive,
order (special or general) or exemption issued, made or granted
under the repealed Ordinance shall have effect as if it had been
issued, made or granted under the corresponding provision of this
Act unless repealed, amended or substituted under this Act;

(c) any official appointed and any body elected or constituted under
repealed Ordinance shall continue and shall be deemed to have been
appointed, elected or constituted, as the case may be, under the
corresponding provision of this Act;

(d) all funds and accounts constituted or maintained under the repealed
Ordinance shall be deemed to be in continuation of the
corresponding funds and accounts constituted or maintained under
this Act;

(e) every mortgage and charge recorded in any register or book
maintained at any office under the repealed Ordinance shall be
deemed to have be recorded in the register or book maintained under
the corresponding provisions of this Act;

(f) any licence, certificate or document issued, made or granted under
the repealed Ordinance shall be deemed to have been issued, made

or granted under this Act and shall, unless cancelled, in pursuance
of any provisions of this Act, continue to be inforce until the date
specified in the licence, certificate or documents.

(3) The mention of particular matters in this section or in any other
section of this Act shall not prejudice the general application of section 6 of the
General Clauses Act, 1897 (X of 1897), with regard to the effect of repeals.
(4) After the commencement of this Act, the expression Companies
Ordinance, 1984(XLVII of 1984) and any referring sections thereof, used in any
law for the time being in force including all administered legislation and rules,
regulations and guidelines made thereunder, shall be read as Companies Act, 2017
along with corresponding provisions of Companies Act, 2017 unless the context
requires otherwise.