Paragraph 2
The permitted exception is a term which, notwithstanding the foregoing restrictions on returns and repayments of principal, permits the directors of the society, if they are satisfied that the capital of the society is adequate for its present and foreseeable needs without counting any capital representing the specified shares, to pass an approved resolution–
authorising payment, in excess of the return permitted by paragraph 1 above, of a special rate of interest or a special dividend on the specified shares at such rate or amount being such a rate or amount as may be reasonable in the circumstances and for such period and upon such conditions as may be specified therein, or
authorising the repayment in full or in part of principal to holders of the specified shares.