(2) Any instrument which was issued, served or granted under any law which is repealed or which ceases to have effect by virtue of this Act shall, without prejudice to any power to amend such instrument, and subject to such modifications as may be necessary to bring it into conformity with this Act, continue in force until superseded, revoked or otherwise terminated, and shall be deemed to have been issued, served or granted under this Act, and this Act and any regulations made thereunder shall apply to or in relation to such instrument accordingly.