(1) This article applies to a friendly society which was, immediately before commencement, authorised under section 32 of the Friendly Societies Act or deemed to have been authorised under that section.

(2) A friendly society to which this article applies is to be treated as having, at commencement, a Part IV permission to carry on -

(a) any regulated activities which, immediately before commencement, it was by reason of its authorisation under section 32 of the Friendly Societies Act able to carry on without contravening section 31(1) of that Act [In relation to the effect of authorisation under Part IV of the Friendly Societies Act, relevant amendments to that Part were made by S.I. 1993/2519 and S.I. 1994/1984.]; and

(b) any regulated activities which it would then have been able so to carry on but for -

(i) a restriction imposed under section 32(4) of the Friendly Societies Act [Section 32(4) of the Friendly Societies Act was substituted by reg. 4 of S.I. 1994/1984.]; or

(ii) a direction given under section 40 of that Act [Section 40 was amended by S.I. 1994/1984.] (withdrawal of authorisation in respect of new business);