(1) Any unauthorised credit union is to be treated as having, at commencement, a Part 4A permission to accept deposits by way of subscription for its shares or from a person who is under the age at which he may become a member of the credit union by virtue of section 20 of the Industrial and Provident Societies Act 1965.

(2) The permission acquired by virtue of paragraph (1) is subject to any requirement imposed by virtue of article 5(1).