(1) The provisions of this article apply notwithstanding any repeal of section 43A or 43B of the Building Societies Act [Inserted by the Building Societies Act 1997 (c. 53) sections 19 and 20.].

(2) If, immediately before commencement, a former authorised building society was subject to a direction given under section 43A of that Act, that direction continues to have effect after commencement.

(3) The FCA or the PRA may, after commencement, give a former authorised building society a direction under section 43A of that Act where before commencement the authorisation of the society under the Building Societies Act had been revoked or its registration under that Act had been cancelled (including at the society's request).

(4) Section 43A(2), (3) and (6) to (8) and section 43B of that Act continue to have effect in relation to any direction which has been given (or is to be given) under section 43A of that Act as modified by paragraph (3) or which continues to have effect by virtue of paragraph (2), subject to the following modifications -