Regulation 2 Amendment of previous Regulations

The Building Societies (Accounts and Related Provisions) Regulations 1987^f1 shall be amended in accordance with the following provisions of this regulation.

In Part I of Schedule 2 the word “Reserves” and the words and figures following it to the end of that part shall be deleted and replaced by the following:

“14

REVALUATION RESERVE

15

RESERVES

(a)

General reserves

(b)

Other reserves

16

TOTAL LIABILITIES AND RESERVES”.

In Part II of Schedule 2 the word “Reserves” and the words and figures following it to the end of that part shall be deleted and replaced by the following:

“15

REVALUATION RESERVE

16

RESERVES

(a)

General reserves

(b)

Other reserves

17

MINORITY INTERESTS

18

TOTAL LIABILITIES AND RESERVES”.

In Schedule 4, paragraph 3 shall be deleted.

At the end of paragraph 4 of Schedule 4 there shall be added the following subparagraph:

“(19)

Where the Chief Executive of the society is not also a director of the society, he shall be deemed, for the purposes of this paragraph, to be a director of the society. In such circumstances there shall be a note to the accounts specifying that the Chief Executive has been so deemed to be a director.”

In paragraph 5(2) of Schedule 4, the words following the word “separately” shall be deleted.

In paragraph 6(1) of Schedule 4 the words “and United Kingdom income tax” shall be deleted and the word “and” shall be inserted between the words “tax” and “deferred”.

The following subparagraph shall be added to paragraph 17 of Schedule 4:

“(4)

for the purposes of this paragraph the revaluation reserve in the society’s balance sheet shall be considered as being “reserves”.”

In paragraph 2(5)(e) of Schedule 7 the word “total” shall be deleted and the words “and the revaluation reserve” shall be added after the word “reserves” where it appears for the second time.

In paragraph 5(i) of Part II of Schedule 8 there shall be added:

and the words and figures “and 17” and “and 18” shall be deleted.

In paragraph 8(b) of Schedule 8 there shall be added:

and the words and figures “and 17” and “and 18” shall be deleted.

Paragraph 11(1) of Schedule 9 shall be deleted and replaced by the following:

“(1)

“Gross capital” means the aggregate of reserves, the revaluation reserve and subordinated liabilities, as shown in the balance sheet.”