(1) An unauthorised credit union is to be treated as having, at commencement, a Part 4 permission to accept deposits -

(a) by way of subscription for its shares; and

(b) from a person who is under the age at which they may become a member of the credit union by virtue of Article 15 of the 1985 Order.

(2) The permission acquired by virtue of paragraph (1) is subject to any restrictions imposed by virtue of article 3(1) or (2).

(3) In this Part -

"deposits" has the meaning given by article 5(2) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 [S.I. 2001/544; article 5 was amended by S.I. 2002/682, article 3(1).];

"P" is the person defined as such in article 4(1);

"Part 4 permission" has the meaning given in section 40(4) of the Act;