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(1) The Arbitration Act, 1961 (Act 38) is repealed.

(2) Despite the repeal of the Arbitration Act, 1961 (Act 38)

(a) any instrument, agreement, Regulations and order made under that Act and in force immediately before the commencement of this Act shall continue to be in force, until otherwise legally altered, and

(b) any action commenced or pending before any court to which Act 38 applies shall continue and be dealt with under this Act.