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(1) The Auction Sales Ordinance (Cap. 196) and the Auction Sales Ordinance (Amendment) 1983 (P.N.D.C.L. 56) are hereby repealed.

(2) Notwithstanding the repeals in subsection (1) of this section-

(a) any regulations made thereunder and in force immediately before the commencement of this Act shall so far as they are consistent with the provisions of this Act remain in force; and

(b) any licence issued under the repealed enactment and in force immediately before the commencement of this Act shall continue in force until the expiration of such licence.