(1) St. Paul's Mutual Aid Society ("the Society") is to be treated as having, at commencement, a Part 4A permission to accept deposits but only -

(a) by monthly or other subscriptions from its members; and

(b) to the extent permitted by its rules.

(2) Where at commencement a person ("E") is performing a function for the Society under an arrangement entered into by the Society or by a contractor of it, then if E's continued performance of that function after commencement would, but for this article, require the approval of the Authority under section 59(1) or (2) of the Act, then that continued performance by E of that function after commencement is to be taken to have been approved by the Authority for the purposes of section 59 of the Act.