(1) In relation to mortgage agreement (hypothecation), pledge agreement, hire purchase agreement or contract of lease of goods as defined in this Act, concluded before the commencement of this Act shall be as follows. For the purposes of this section, such transactions shall be deemed to be prior transactions prior to the coming into force of this Act:- (a) Except as otherwise provided in clauses (b) and (c), the validity, effect and enforceability of such prior transactions shall be determined in accordance with the law in force at the time of entering into the agreement. , (b) To the extent that the security rights created by the transactions completed before the commencement of this Act conflict with the security rights created after the commencement of this Act, the security rights created in accordance with this Act shall be valid, and (c) The person taking the security under the previous transaction shall adopt the measures as per paragraph-2 regarding the notification of the security rights. According to the method, the registered office can register the transaction notice within one year from the date of commencement of work. The priority of maturity established by registering a notice under this Act shall be calculated from the date of establishment of the registered office. (2) Notwithstanding anything else written in this Act, any transaction within the jurisdiction of this Act is completed between the date of commencement of this Act and the time when the registered office is established and operated. If so, such transaction shall be considered to be subject to subsection (1).