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Paragraph 5

Original text. Later amendments are not shown.

(1)

Item 5(c) in Parts I and II above shall include the net profits, and item 5(d) the net losses, on financial instruments, and item 5(e) of those Parts shall, where it relates to development properties, include the profits net of losses on them.

(2)

In subparagraph (1) above “financial instrument” means—

(a)

in relation to Parts I and II above, an instrument the powers of the society in relation to which are derived from section 23 of the Act (power to hedge) and any option to purchase or sell any liquid asset, and

(b)

additionally in relation to Part II above, an instrument on which interest or a dividend is capable of being received and which is not an advance, a loan or a liquid asset.