SCHEDULES
SCHEDULE 5 Transitional Provisions
Applications subject to appeal
4
1
Where an application for recognition or a licence under the former Act has been refused by the Bank and at the coming into force of section 3 of this Act—
a
an appeal is pending against that refusal; or
b
the time for appealing against that refusal has not expired,
the repeal of the former Act shall not preclude the determination, or the bringing and determination, of the appeal and the grant or refusal of recognition or a licence as a result of that determination.
2
Sub-paragraph (1) above does not apply to an appeal by a licensed institution against a refusal to grant it recognition.