Paragraph 3 Meaning of funding body asset
In this Schedule “funding body asset” means any asset which is of a description and is held in such circumstances as may be prescribed for the time being by Regulations made under section 21(7) of the Actf1 as if, where applicable in those Regulations:
(a)
references to “liquid asset” were references to “funding body asset”, and
(b)
references to “society” were references to “funding body”,
and that any conditions prescribed by those Regulations with which a society must comply are complied with by the funding body.