Effect of repeal: saving provision preserves accrued rights, liabilities and tax proceedings despite statutory repeal. The section operates as a saving provision preserving rights, privileges, obligations and liabilities acquired or accrued under repealed Acts, while excluding continued effect of investment incentive notifications rescinded on or after the appointed day. It maintains recoverability of taxes, surcharges, penalties, fines, interest, forfeitures and punishment, and permits investigations, audits, assessments, adjudications and appeals to be instituted or continued as if the repealed Acts remained in force.