Paragraph 3

(1)

Where, at the end of a financial year of a society, the assets of the society include class 3 assets, the relevant accounts of the society shall, subject to sub-paragraph (2) below, contain, by way of note on the balance sheet, the aggregate of the class 3 assets of the society at the end of that financial year and a breakdown of that aggregate into—

(a)

investment in—

(i)

subsidiaries of the society;

(ii)

bodies linked by resolution with the society; and

(iii)

other associated bodies of the society;

(b)

loans to—

(i)

subsidiaries of the society;

(ii)

bodies linked by resolution with the society; and

(iii)

other associated bodies of the society;

(c)

loans to individuals;

(d)

land held and used or to be used primarily for residential purposes or for purposes incidental to the use of adjoining land primarily for residential purposes; and

(e)

other class 3 assets.

(2)

The particulars required by sub-paragraph (1) above, or the aggregate of class 3 assets so required, may be included as items or an item among the assets in the balance sheet of the society below “Mortgages” (which shall in such circumstances be replaced by “Class 1 and Class 2 advances”) but above “Other assets” and shall not, to the extent of such inclusion, be required to be stated separately by way of note on the balance sheet.