8The provisions of this Part of this Schedule apply to an institution which—
(a)on 9th November 1978 was, and at the time of its application for recognition continues to be, either a company within the meaning of the [1948 c. 38.] Companies Act 1948 or any other body corporate having its place of central management and control in the United Kingdom ; and
(b)does not, apart from this Part of this Schedule, qualify for the grant of recognition.