27.— (1) Notwithstanding the repeal of the Act of 1932 under section 28 (a), where a person has made an application for a licence under that Act before its repeal, the application shall be considered under that Act by the Authority and any reference in that Act to the Minister in respect of the application shall be read as a reference to the Authority.

(2) Where an application for a licence under the Act of 1932 is dealt with under subsection (1) and the licence is granted, the licence is deemed to be a licence granted under this Part and to be in force to a date to be determined by the Authority, which shall not be more than 2 years after the day of the next anniversary of the date of the grant of the licence under the Act of 1932 and may be renewed under section 16.