Reference your ANO2012 quote, you do of course hold a valid licence, and a valid class rating so you are fully entitled to act as a pilot. Being out of currency for the 90 day rule does not invalidate your licence.
Furthermore, being PIC means taking final responsibilty for the operation of an aircraft. It does not mean doing everything yourself at all times. Being PIC does not stop by handing over control. 50% of the time an airline captain is PIC without having personal hands-on control of the aircraft.
Last edited by Torque Tonight; 22nd November 2012 at 19:32.