For the purpose of this Part a licence issued or a registration effected by any licensing or registering authority of another State or Territory of the Commonwealth in respect of a vehicle to which this Part applies is, during the currency of the licence or registration and so long as a contract of insurance with respect to that vehicle as provided in section 3(4), or in section 4, of the Motor Vehicle (Third Party Insurance) Act 1943 is in force, to be regarded as a vehicle licence under this Act in respect of the vehicle when it is used on any road within the State.