2. Subject to the conditions specified in paragraph 3, every taxi registered in the name of SMRT Taxis Pte. Ltd. and described in the Schedule shall be exempted from —
rule 4(2)(c)(ii) of the Road Traffic (Public Service Vehicles) Rules (R 14) in so far as it does not permit the renewal of a licence granted under Part V of the Act in respect of a taxi more than 8 years old;
rule 16(1)(a)(iii) of the Road Traffic (Motor Vehicles, Quota System) Rules (R 31) in so far as it limits the term of the certificate of entitlement for the taxi to 8 years; and
rule 8 of the Road Traffic (Motor Vehicles, Registration and Licensing) Rules (R 5) in so far as it does not allow an application for and the grant of the rebate under that rule in respect of the taxi.