(a) a standard licence, that is a licence, issued by the OFT to a person named in the licence on an application made by him, which, whilst the licence is in effect, covers such activities as are described in the licence, or
(b) a group licence, that is a licence, issued by the OFT (whether on the application of any person or of its own motion), which, whilst the licence is in effect, covers such persons and activities as are described in the licence.
(1A) The terms of a licence shall specify -
(a) whether it has effect indefinitely or only for a limited period; and
(b) if it has effect for a limited period, that period.
(1B) For the purposes of subsection (1A)(b) the period specified shall be such period not exceeding the prescribed period as the OFT thinks fit (subject to subsection (1E)).
(1C) A standard licence shall have effect indefinitely unless -
(a) the application for its issue requests that it have effect for a limited period only; or