(1) Where -

(a) immediately before commencement, a building society was subject to adirection given under 43A of the Building Societies Act [Section 43A was inserted by the Building Societies Act 1997 s. 19.]; and

(b) by virtue of this Order the building society has a Part IV permission on commencement,

the direction has effect, after commencement, as if it were a requirement (or requirements) imposed on the society under section 43.

(2) If the direction was one falling within section 43B(2) of the Building Societies Act [Section 43B was inserted by the Building Societies Act 1997 s. 20.] but was not confirmed under that section before commencement, the requirement having effect under paragraph (1) ceases to have effect at the end of 28 days beginning with the day on which the direction was given.