It is hereby declared that nothing in Part III, IV or V of this Act is to be treated as conferring on the holder of a licence granted under any of those Parts any right to the continuance of any benefits arising from, or from a licence granted under, any of those Parts, or from any conditions attached to any such licence.

In the event of an undertaking by which a service of public service vehicles is provided being purchased compulsorily by a local or public authority, that part of the value of the undertaking attributable directly or indirectly to Part III of this Act shall not be taken into account.