(1)  A local practising certificate granted under this Act is in force from the date specified in it until the end of the financial year in which it is granted, unless the certificate is sooner suspended or cancelled.

(2)  A local practising certificate renewed under this Act is in force until the end of the financial year following its previous period of currency, unless the certificate is sooner suspended or cancelled.

(3)  If an application for the renewal of a local practising certificate has been made but has not been finally determined by the prescribed authority by the following 1 July, the certificate –

(a) continues in force on and from that 1 July until the prescribed authority renews or refuses to renew the certificate or the holder withdraws the application for renewal, unless the certificate is sooner cancelled or suspended; and

(b) if renewed, is taken to have been renewed on and from that 1 July.

(4)  For the purposes of subsection (3) , an application is finally determined –

(a) by the renewal of the certificate; or

(b) by the exhaustion of all rights of review in relation to a decision to refuse to renew the certificate.