Paragraph 6 Meaning of activities in the range from which a society is restricted
For the purposes of paragraph 4 above an activity of a body corporate is an activity in the range from which a society is restricted where it is an activity which the society could not undertake by reason of the fact that—
it has not adopted a particular adoptable power, whether because the power is not available to it or for any other reason, or
the activity would be in contravention of a restriction upon the extent of a power the society has adopted, being in the case of an appropriate payments services vehicle, either a restriction derived from the Act or any instrument under the Act or a restriction assumed by the society.
Notwithstanding subparagraph (1) above, an activity of a body corporate is not an activity within the range from which a society is restricted where it is an activity which comprises the continuation, during the first fifteen months following the date on which the body corporate first became associated with the society, of any activity carried on as part of the business of that body corporate immediately before that date.