(1) This article applies where -
(a) immediately before commencement a waiver or modification of a pre-commencement provision is in operation as respects a person;
(b) the pre-commencement provision to which the waiver or modification relates is designated in accordance with article 4; and
(c) the person to whom the waiver or modification has been granted would, but for this article, be subject to the continued rule resulting from that designation.
(2) In a case where this article applies, the waiver or modification has effect after commencement as if it were a direction under subsection (2) of section 148 -
(a) that the continued rule is not to apply to the person; or
(b) as the case may be, that the continued rule is to apply to him with the modification in question.
(3) Any condition subject to which the waiver or modification was granted has effect after commencement as if imposed under section 148(5).
(4) Section 148(6) does not apply to a direction having effect by virtue of this
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