(1) A transitioned licence or transitioned certificate ends on the earlier of the following days—
(a) the day the licence or certificate would have ended if PAMDA had not been repealed;
(b) the day it is cancelled or surrendered under the relevant Act for the transitioned licence or transitioned certificate.
(2) However, a transitioned licence, that is an auctioneer licence or chattel auctioneer licence, for a registration certificate as a trainee auctioneer—
(a) expires on the earlier of the following days—
(i) the day that is 1 year after the commencement;
(ii) the day it is cancelled or surrendered under the relevant Act for the licence; and
(b) can not be renewed.
(3) Subsection (2) applies despite any other provision of this part.