(1)Where—
(a)an application for renewal is made in accordance with section 117, and
(b)the application has not been determined before the time the licence would, in the absence of this section, expire,
then, by virtue of this section, the licence continues to have effect for the period beginning with that time and ending with the determination or withdrawal of the application.
(2)Subsection (1) is subject to section 115(3) and (4) (revocation, forfeiture and suspension) and section 116 (surrender).