(1) The Acts specified in Schedule 1 are amended as indicated in that Schedule.
(2) Subject to subsections (3) to (5), each body that was a recognised body of accountants immediately before the commencement of this section is a recognised accountancy body immediately after the commencement of this section.
(3) Where, on an application made by the Institute of Incorporated Public Accountants under the Act of 1990 before 15 September 2003 as though it were not a recognised body of accountants, the Minister decides, before the commencement of this section, to grant the Institute recognition (with or without terms and conditions) for the purposes of section 187 of that Act or to refuse to grant it such recognition -
(a) the decision is not invalid or ineffectual by reason only -
(i) that the recognition granted to the Institute before 29 January 2003 had not been withdrawn before the date of application, or
(ii) that the decision to grant or refuse recognition was made before the comm