5Approved body etc. under the repealed Act to continue to exist

##### 5 Approved body etc. under the [Repealed] Act to continue to exist (1) An approval of a person as an approved body under section 40B of the repealed Act that had effect immediately before 1 July 1997: (a) continues to have effect on and after that day, and may be varied and cancelled, as if it were an approval of the person as an approved body under section 89 of the new Act; and (b) continues to have effect until: (i) the third anniversary of the approval; or (ii) if the third anniversary of the approval occurs or has occurred before the day 3 months after the commencement of this subparagraph—that day; (unless cancelled sooner). (2) An approval of a person as a trading house under section 40BA of the repealed Act that had effect immediately before 1 July 1997: (a) continues to have effect on and after that day, and may be varied and cancelled, as if it were an approval of the person as a trading house under section 89 of the new Act; and (b) unless sooner cancelled, continues so to have effect until the day on which it would have ceased to be in force under the repealed Act if that Act had not been repealed. (3) An approval of a group of persons as an approved joint venture or approved consortium under section 40BD of the repealed Act that had effect immediately before 1 July 1997: (a) continues to have effect on and after that day, and may be varied and cancelled, as if it were an approval of the group as a joint venture under section 89 of the new Act; and (b) unless sooner cancelled, continues so to have effect until the day on which it would have ceased to be in force under the repealed Act if that Act had not been repealed.