Repeal of European Communities Act 1972

I have always thought there would be two likely procedural/legislative consequences arising from the decision of voters to leave the EU.
Firstly, a notice will have to be given pursuant to Article 50 of the Lisbon Treaty notifying the other EU members of the UK’s intention to leave the organisation.
Secondly, the domestic legislation which gives force to our membership of the EU namely the European Communities Act 1972 will have to be repealed.
It ought to be no surprise that the PM is announcing her intention to repeal the 1972 Act with a bill to that effect being included in the next Queen’s Speech. Whilst it will not take effect until we actually leave the EU it is crucially important that a repeal bill is passed so that when we leave domestic legislation makes it clear our Parliament is sovereign and our Supreme Court is what it says on the tin – Supreme.