110 No. 28743 Act No. 36, 2005 GOVERNMENT GAZETTE, 18 APRIL 2006 ELECTRONIC COMMUNICATIONS ACT, 2005 (i) the income and expenditure of the Fund during the preceding financial year; and (ii) a balance sheet showing the assets and liabilities of the Fund as at the end of that year. (2) The accounts and balance sheet of the Fund must be audited by the 5 Auditor-General. (3) As soon as possible after the accounts and balance sheet for any year have been audited, the Agency must submit a copy of the accounts and balance sheet to the Minister. (4) The Minister must table a copy of the audited accounts and balance sheet in 10 Parliament— (a) within 30 days after they have been received by him or her if Parliament is then in ordinary session or, if Parliament is not then in ordinary session, within 30 days after the commencement of its next ordinary session; or (b) if so determined by the Minister, together with the annual report of the Agency 15 in regard to the period concerned. (5) For the purposes of this section, ‘‘financial year’’ means the period extending from 1 April in any year to 31 March in the next succeeding year. CHAPTER 15 TRANSITIONAL PROVISIONS 20 Existing licences 92. (1) All licences granted, issued or considered to have been granted or issued in terms of the Telecommunications Act, the Broadcasting Act or the IBA Act, (in this chapter collectively referred to as ‘‘existing licences’’) remain valid under this Act until converted by the Authority in terms of this Chapter. (2) Any person who, immediately before the commencement of this Act, lawfully provided any service or used the radio frequency spectrum in terms of the Telecommunications Act, the Broadcasting Act or the IBA Act without a licence, is considered to have a licence exemption in terms of section 6 to continue to provide such service or use the radio frequency spectrum, unless notified in writing by the Authority that such service or the use of the radio frequency spectrum requires a licence in terms of this Act. (3) Where sections of the related legislation and the IBA Act did not apply to broadcasting services pending a recommendation by the Authority, the equivalent sections in this Act will not apply to such services until the recommendation has been adopted in the National Assembly. (4) Where the Authority notifies a person that a license is required in terms of subsection (2), the notification must provide the terms and schedule in terms of which a licence will be issued. (5) Any person, who immediately before the commencement of this Act, lawfully provided any service or used the radio frequency spectrum in terms of the Telecommunications Act, Broadcasting Act or IBA Act without a licence is considered to have permission to continue to provide such a service on the same conditions and terms, or use the frequency spectrum on the same conditions and terms without a licence until such time as the Authority has granted or refused a licence application. (6) Existing licences referred to in subsection (1) must be converted by the Authority in terms of this Chapter within 24 months from the commencement date of this Act or such extension period, which must not exceed an additional 6 months, from the expiry of the 24 month period. (7) Any current applications, process, recommendations and regulations pending before the Authority or the Minister upon the coming into force of this Act must be considered to have been submitted in accordance with the provisions of this Act and must be considered in terms of the relevant sections of this Act. 25 30 35 40 45 50 Licence conversion 93. (1) Subject to subsection (4), the Authority must convert existing licences by 55 granting one or more new licences that comply with this Act on no less favourable terms.