OpenLegislation

Article 4 Aggregation of assets

Original text. Later amendments are not shown.

Subject to Rule 5 below, where a society has an associated body and that associated body has assets which, were they assets of the society, would be class 3 assets for the purposes of section 20 of the Act (limits on percentages of classes of assets), then, in determining for the purposes of that section the asset holding of the society—

(a)

those assets of the associated body shall be attributed to the society as class 3 assets,

(b)

class 3 assets of the society which are represented by liabilities of the associated body shall be disregarded to the extent that they are in amount equal to or less than the aggregate of those assets of the associated body, and

(c)

class 2 assets of the society which are represented by liabilities of the associated body shall be disregarded to the extent that they are in amount equal to or less than the amount left by subtracting from that aggregate of those assets of the associated body any amount of class 3 assets of the society disregarded under paragraph (b) above.