3.—(1) Except as provided in paragraph (2) and subject to the exception in section 46(2)(b) of the Act and the reservations in section 46(3) of the Act, all the functions of the Secretary of State under Part 2 of the Act (eligibility for appointment as company auditor) are hereby transferred to the designated body.
(2) The functions of the Secretary of State under section 50 of the Act (power to make consequential amendments) and under section 51 of the Act (power to make provision in consequence of changes affecting accountancy bodies) are not transferred by this Order.