10Company taken to hold licences, &c.

10 Company taken to hold licences, &c.

(1)  Until the end of the triennium commencing on 1 July 1998, the Company is taken to hold such licences and to have the benefit of such exemptions granted under the Traffic Act 1925 as may be necessary to enable it to continue to provide the services provided by the Trust immediately before the incorporation day in the areas specified in Schedule 1 .

(2)  Subsection (1) has effect notwithstanding section 15(11) of the Traffic Act 1925 and sections 22A and 23 of that Act do not apply to any licence which the Company is taken to hold.

(3)  No fee is payable in respect of any licence or exemption taken to be in force under this section.