Section 16 of the Principal Act is repealed and the following section is substituted:

16.     Duration of motor vehicle trader licence

(1)  A motor vehicle trader licence issued and in force in accordance with section 14 has effect for the period of 3 years from the day on which it takes effect.

(2)  A motor vehicle trader licence held by virtue of holding deemed registration is valid for the period in respect of which the automatic deemed registration is in force.