(1) The following enactments are hereby repealed -

(a) the Act of 1966; and

(b) Part III of the Industrial and Provident Societies (Amendment) Act, 1978.

(2) After the commencement of this subsection, a society may not become registered as a credit union except under this Act.

(3) A society which, immediately before the commencement of this subsection, was registered as a credit union under the Industrial and Provident Societies Acts, 1893 to 1978, shall, at that commencement, be deemed to be registered as a credit union under this Act and, accordingly -

(a) after that commencement, no provision of those Acts shall apply to a credit union; and

(b) except in so far as the rules of a credit union which is deemed to be so registered are contrary to any provision of this Act, those rules, as in existence immediately before the commencement of this subsection, shall be regarded as its registered rules at that commencement.