1(1)Subject to paragraph 2 below, any licence to provide a prescribed diffusion service which is in force under Part I of the 1984 Act immediately before the transfer date shall, notwithstanding any repeals made by this Act, continue in force (subject to and in accordance with the provisions of this Schedule) for the remainder of the period specified in the licence.
(2)Where any licence continues in force by virtue of sub-paragraph (1), any conditions which—
(a)were included in it in pursuance of any provision of the 1984 Act, and
(b)were in force immediately before the transfer date,
shall similarly continue in force (subject to the provisions of this Schedule), but any reference in the licence to the Cable Authority shall be construed, in relation to any time falling on or after that date, as a reference to the Commission.
(3)Without prejudice to the generality of paragraph 2(4) in Part III of this Schedule, the Commission may, in accordance with that provision, make such variations of a licence which continues in force by virtue of sub-paragraph (1) above as appear to them to be appropriate in consequence of any of the provisions of this Schedule.