(1) Subject to any transitional provision made by Part 3 of this Order, the 1979 Act is amended as follows.

(2) In section 1 (registration under the 1965 Act) -

(a) in subsection (1) -

(i) for "sections 6(4) and 15(1)", substitute "section 6(4)";

(ii) omit the word "and" at the end of paragraph (b);

(iii) after paragraph (c), insert -

"(d) the society has made an application to the Authority for Part IV permission under section 40 of the Financial Services and Markets Act 2000 (in this Act referred to as "the 2000 Act") to accept deposits; and

(e) the Authority is satisfied that, once registered under the 1965 Act, the society will satisfy, and continue to satisfy, the threshold conditions set out in Schedule 6 to the 2000 Act in relation to the regulated activity of accepting deposits;"; and

(b) after subsection (1), insert -

"(1A) The Authority shall not issue an acknowledgement of registration under section 2(3) of the 1965 Act to a credit union unless it also proposes to give that society permission under Part IV of the 2000 Act to accept deposits.