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Paragraph 2 Meaning of standard asset provision

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

In this Schedule “the standard asset provision” means a condition to the effect that—

(a)

the relevant power is not available to a society which does not for the time being have a qualifying asset holding, but

(b)

the cessation of its availability does not require the disposal of any property or rights.