234. On and after the relevant date, the Act of 1931 and any regulations made thereunder—

(a) shall continue to apply in respect of a licence or certificate issued or registration made—

(i) under that Act before that date, and

(ii) that remains in force in accordance with this Chapter,

and

(b) shall apply in respect of a licence or certificate issued or registration made under that Act on or after that date in accordance with this Chapter.