4(1)Subject to sub-paragraphs (2) and (3) below, a transitional licence held by an institution shall expire at the end of the period of two years beginning on the date on which the licence was granted or, if the institution is granted more than one transitional licence, beginning on the date on which the first of those licences was granted.
(2)A transitional licence may be so granted as to expire at a time earlier than it would expire in accordance with sub-paragraph (1) above.
(3)A transitional licence—
(a)may be surrendered by notice in writing given by the institution concerned to the Bank ; or
(b)may be revoked in accordance with the provisions of Part I of this Act.