§ 15-1-123 — Prospective operation; existing transactions saved

(a) This act applies to transactions entered into and
events occurring after July 1, 1965, but may not be construed to
affect any substantive or vested right.
(b) Transactions validly entered into before July 1, 1965,
and the rights, duties and interests flowing therefrom remain
valid thereafter and may be terminated, consummated or enforced
as required or permitted by any statute or other law repealed by
this act as though the repeal had not occurred, or at the option
of the governing body, under this act as if commenced hereunder.