3. Companies registered as trust companies under repealed Act

Any company which, immediately before 1st February 2006, was registered as a trust company under section 4 of the repealed Act shall, as from that date, be deemed to hold a trust business licence under the Act —

until 1st June 2006; or

where an application for the grant of a trust business licence under the Act is made by that company on or before 1st June 2006, until the date on which the trust business licence is granted to that company under the Act or the application is refused or withdrawn,whichever is the later.