Regulation 11 Transitional provisions

Where any provision of these Regulations requires—

(a)

the recording of a particular item for the entirety of a financial year, and—

(i)

that financial year began before the coming into force of these Regulations, and

(ii)

the legislation in force during the period beginning with the start of the financial year and ending immediately before the coming into force of these Regulations did not require the recording of, or the making of a return of, that particular item, or

(b)

the recording of a particular item as at the end of a previous financial year, and—

(i)

that previous financial year ended before the coming into force of these Regulations, and

(ii)

the legislation in force as at the end of that previous financial year did not require the recording of, or the making of a return of, that particular item,

then if the records of the society are so kept as to enable that particular item to be identified, it shall be identified and so recorded, but if the records of the society are not so kept, it shall instead be included on the basis of an estimate.