If the condition in subsection (2) below is met, a full licence or a transfer licence whose term exceeded twelve months but whose expiry date ("the expiry date") has passed shall be treated for all the purposes of this Act as not expiring until the date mentioned in subsection (4) below.
The condition is that the appropriate agency receives, not later than the beginning of the period of three months ending on the expiry date (or such later date before the expiry date as the appropriate agency agrees), a valid application for a new licence—
For the purposes of subsection (2) above, a "valid" application is one which complies with all the requirements of this Act in relation to the making of applications for licences of the type in question.
The date referred to in subsection (1) above is whichever is the later of—