(1) A building society which was, immediately before commencement -

(a) authorised or treated as authorised for the purposes of the Building Societies Act; and

(b) carrying on overseas banking business,

is to be treated as having, at commencement, a Part IV permission to carry on any corresponding overseas regulated activities in the country or territory where it carried on that overseas banking business.

(2) In this article -

"corresponding overseas regulated activities" means regulated activities which -

(a) the society carries on after commencement by virtue of continuing to carry on its overseas banking business; and

(b) the society is regarded as carrying on in the United Kingdom by virtue of section 418;