Paragraph 1

n section B of Part I—

(a)

the summary review of the business shall comprise—

(i)

in the case of a single accounts society, a summary review of the business of the society during, and a commentary on its financial position at the end of, the relevant year, and

(ii)

in the case of a group accounts society, a summary review of the business of the society and its subsidiary undertakings during, and a commentary on their financial position at the end of, the relevant year;

(b)

the summary review of events shall comprise a summary review of the events during the relevant year considered by the directors of the society to have an important effect—

(i)

in the case of a single accounts society, on the society, and

(ii)

in the case of a group accounts society, on the society and its subsidiary undertakings; and

(c)

the summary indication of likely developments shall comprise a summary indication of the opinion of the directors of the society as to the developments considered by them to be likely to happen—

(i)

in the case of a single accounts society, in the business of the society, and

(ii)

in the case of a group accounts society, in the business of the society and its subsidiary undertakings.