(1) This section applies if a permit, exemption, notice or authority—
(a) is taken to have been made under this Law under section 748; and
(b) is not subject to an expiry date, or is subject to an expiry date—
(i) that, in the case of a permit, exceeds 3 years after the commencement day; or
(ii) that in any other case exceeds 5 years after the commencement day.
(2) In the case of a permit, it expires 3 years after the commencement day, unless it is cancelled before that day.
(3) In the case of an exemption, notice or authority, it expires 5 years after the commencement day, unless it is cancelled before that day.
(4) Despite subsections (2) and (3), a modification approval granted in respect of a vehicle is to continue for the life of the vehicle.
(5) For the purposes of this section, a permit that solely provides an exemption is to be considered to be an exemption.