Change in meaning due to varied functions of conjunction "or"

Dear English grammar experts,

Does conjunction "or" mean "alternatively" in point (2), Quote 1, and as "equally as" in Quote 2, below?
Has the illogical opposition of "new v. existing" in Quote 1, points (2) and (3), been merged in Quote 2 (or point 3 omitted)?

QUOTE 1 -
(d) The applicant:
(iii) was, on a date falling within the three months immediately prior to the date of application,
(2) registered as a new business in which he is a director, or
(3) registered as a director of an existing business,
INTERPRETATION 1 -
The applicant … was … within the three months …prior to … application … registered as a new business [in which he is a director], or registered as a director [of an existing business]…

QUOTE 2 –
“You… were … a registered director of a new or existing business no more than 3 months before your application”
INTERPRETATION 2 –
The applicant… was … a registered director of a new or existing business no more than 3 months before your application

Thank you in advance for your comments.