The provisions of section 4701(a) of this title shall remain in force until the termination of title 1 of the First War Powers Act, 1941. The termination of the provisions of such section shall not affect any act done or any right accruing or accrued, or any suit or proceeding had or commenced in any cause before such termination, but all rights and liabilities under law as modified by such provisions shall continue, and may be enforced in the same manner as if such provisions had not terminated. The authority conferred upon the United States Maritime Commission by any provision of this chapter shall be vested in and exercised by the Administrator of the War Shipping Administration ¹ in conformity with the Executive order of February 7, 1942 (Numbered 9054; 7 F.R. 837), as heretofore or hereafter amended.