3(1)Subject to sub-paragraph (2) of this paragraph, a transport manager's licence shall, unless previously revoked, continue in force for five years from the date on which it is expressed to come into force.
(2)If at the date on which such a licence is due to expire, proceedings are pending before the licensing authority on an application by the holder of that licence for the grant to him of a new licence in substitution therefor, the existing licence shall continue in force until—
(a)the application ; and
(b)any appeal under paragraph 5 of this Schedule arising out of the application,
are disposed of, without prejudice however to the exercise in the meantime of the powers conferred by paragraph 4 of this Schedule.