BOF PPEC split login- DO NOT REMOVE - Which parts for COWOA?

In \includes\templates\MyTemplate\templates\tpl_login_default.php
From

To

Which part of the above section of code should not be removed?

What I want to do is move the Create Account code out of the Paypal fieldset and into a fieldset of its own below the Returning Customers (and COWOA) fieldset(s).

The display of the Create Account fieldset will no longer be dependent upon $ec_button_enabled or

($_SESSION['cart']->count_contents() > 0 && $_SESSION['cart']->total > 0)

Admin > Layout Settings > Use split-login page will be switched to false.

So far so good, but is there something I do not know I do not know.

Thanks

Admin > Layout Settings > Use split-login page will be switched to false.
If you set this to false you do not need to remove any of this code

Thanks Kobra, but setting Admin > Layout Settings > Use split-login page to false still keeps the Create Account link within the PPEC fieldset. I had the impression that the Paypal link was placed ahead of the other login options for a particular (perhaps only historical) reason, but with so many other competing payment systems out there, including some that may be more suited to a store or the majority of its customers, I can see situations developing where other payment systems (eg Australia Post online shopping card, bitcoin) could rank equally or ahead of Paypal.

Why PPEC was bundled with Create Account and not made a stand-alone fieldset I cannot fathom. In my two main businesses, both highly specialised, I prefer to favour returning customers ahead of all other options, as payments are mostly made by direct bank deposit and with little fuss.

The original post and thread title was directed more at the Create Account link within the PPEC fieldset than the bracketed reference to COWOA - since the latter is not really affected by the changes proposed.