SCHEDULES
SCHEDULE 5 Transitional Provisions
Existing recognised banks and licensed institutions
2
1
Any institution (within the meaning of this Act) which at the coming into force of section 3 of this Act or by virtue of paragraph 4 or 5 below is—
a
a recognised bank; or
b
a licensed institution,
under the former Act shall be deemed to have been granted an authorisation under this Act.
2
In relation to any such institution the reference in paragraph (a) of section 11(2) of this Act to the day on which it was authorised shall be construed as a reference to the day on which it was recognised or licensed under the former Act; and in relation to an institution recognised under the former Act by virtue of Part II of Schedule 3 to that Act that paragraph shall have effect with the omission of the words “in the United Kingdom”.
3
In relation to any such institution the reference in section 70(4) of this Act to the time when notice was given to the Bank under subsection (1) shall be construed as a reference to the day on which it first applied for recognition or a licence under the former Act.