(1) Subject to subsection (2), with effect from the commencement of this Act, an offshore higher education institution, shall be deemed to be a licensed higher education institution under this Act for a period of no more than one year from the date of commencement of this Act.
(2) An offshore higher education institution under subsection (1), shall, within one year from the date of the commencement of this Act, apply for a license, in accordance with section 17.
(3) A person who contravenes subsections (2) commits an offence and is liable on summary conviction to a fine of $50,000 and in the case of a continuing offence, to a further fine of $1,000 for each day for which the offence continues.