(1) Any licensed financial institution to which sections 49 to 55 are applicable that, prior to the commencement of this Act, entered into any transactions incompatible with sections 49 to 55 shall, within 12 months after the commencement of this Act, or within any further period as the Central Bank may determine, submit a statement of the transactions to the Central Bank and shall, in respect of the transactions, take action within a reasonable time determined by the Central Bank.