If an individual prescribed in the preceding paragraph holds, on the effective date, Deposits and Savings, Jointly Managed Trusts or Securities prescribed in Article 10, paragraph (1) of the new Act which the individual deposited, placed in trust or purchased at a business office or other such place of a financial institution prescribed in that paragraph during the period from December 1, 1973 to the day before the effective date (excluding those to which the provisions of the preceding paragraph apply; hereinafter referred to as "former Deposits and Savings" in this Article), and the individual has submitted, by the day on which the individual first receives payment on or after the effective date of interest or distributions of proceeds on those former Deposits and Savings (limited to those to be received on or after the effective date) (or by December 31, 1974, if that day is after December 31, 1974, or, if on or after the effective date and before either of those days the individual deposits, places in trust or purchases at the business office or other such place of that financial institution Deposits and Savings, Jointly Managed Trusts or Securities prescribed in Article 10, paragraph (1) of the new Act to which the individual seeks to have that paragraph applied, by the day on which the individual first deposits, places in trust or purchases them), a statement of tax-exempt savings prescribed in paragraph (3) of that Article or a statement prescribed in paragraph (4) of that Article to the district director prescribed in those provisions via the business office or other such place of that financial institution, and an application to exempt savings from taxation prescribed in paragraph (1) of that Article concerning those former Deposits and Savings to the business office or other such place of that financial institution (if those former Deposits and Savings are a Loan Trust relating to bearer beneficiary certificates prescribed in item (ii) of that paragraph or Securities prescribed in item (iii) of that paragraph, limited to cases in which the entrustment for custody or the registration prescribed in those provisions is made at the time of that submission), then, with regard to that interest or those distributions of proceeds, those former Deposits and Savings are deemed to have been deposited, placed in trust or purchased at the business office or other such place of that financial institution on the effective date, those statements and that application are deemed to have been submitted on that date, and that entrustment for custody or registration is deemed to have been made on that date, and the provisions of that Article apply.