Section 5(1) of the Principal Act is amended as follows:

(a) by omitting "hold a licence if –" and substituting "apply for a licence under section 6, or hold a licence by virtue of holding deemed registration, if –" ;

(b) by omitting paragraph (a) and substituting the following paragraph:

(a) in the case of a person applying for a licence under section 6, the person does not hold the prescribed qualifications and have the prescribed experience; or