Any Action, Suit, Prosecution, or other Proceeding whatsoever commenced either by or against the Two Companies respectively before the Commencement of this Act shall not abate or be discontinued or prejudicially affected by this Act, but on the contrary shall continue and take effect, both in favour of and against the Two Companies respectively in the same Manner to all Intents and Purposes as if this Act were not passed; and all Offences and Penalties against or under any of the Provisions of the recited Act committed or incurred before the Commencement of this Act, and which if the recited Act were not repealed could be prosecuted or enforced by the Two Companies respectively under any of the Provisions of the recited Act, may, notwithstanding such Repeal, be prosecuted and enforced by the Two Companies respectively in the same Manner to all Intents and Purposes as if this Act were not passed.