21. The provisions of the repealed Act continue to apply in relation to an exemption under section 23C of that Act in force immediately before the commencement day until—
(a) the exemption expires, is revoked, or ceases to be in force by virtue of subsection 23C (4) of the repealed Act as applied by this section; or
(b) any action in relation to the activity in respect of which the exemption was granted is taken by the Authority under the new Act;
whichever occurs first.