(1) Subject to subsection (2), the Arbitration Acts 1954 to 1998 are repealed.

(2) Subject to section 3, the repeal of the Acts referred to in subsection (1) shall not prejudice or affect any proceedings, whether or not pending at the time of the repeal, in respect of any right, privilege, obligation or liability and any proceedings taken under those Acts in respect of any such right, privilege, obligation or liability acquired, accrued or incurred under the Acts may be instituted, continued or enforced as if the Acts concerned had not been repealed.

(3) In this section "proceedings" includes arbitral proceedings and civil or criminal proceedings.