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Regulation 3 General charge in respect of the Commission’s accounting year 1987—88

Original text. Later amendments are not shown.

(1)

Each society which is authorised on the date on which these Regulations come into force shall by virtue of this paragraph assume on that date an obligation to pay, with respect to the accounting year 1987—88, a sum determined in accordance with paragraph (3) below.

(2)

Any society which is authorised during the accounting year 1987—88 only after the date on which these Regulations come into force shall by virtue of this paragraph assume, on the date it is first authorised, an obligation to pay with respect to that year a sum determined in accordance with paragraph (3) below unless—

(a)

the society was registered on the union or the amalgamation of two or more other societies, and

(b)

at least one of those other societies was a society to which paragraph (1) above applied.

(3)

the sum due in pursuance of an obligation assumed under paragraph (1) or (2) above (as the case may be) is—

(a)

in the case of any society a financial year of which ended in the relevant year—

(i)

a sum equal to 0.002 per cent of the aggregate value of the society’s assets as shown in its balance sheet as at the end of that financial year;

(ii)

£150,000, where that amount is less than the sum calculated in accordance with paragraph (i) of this sub-paragraph; or

(iii)

£500, where that amount is more than the sum calculated in accordance with paragraph (i) of this sub-paragraph;

(b)

in the case of any society to which sub-paragraph (a) above does not apply and which was formed on the union or amalgamation of two or more societies, financial years of which ended in the relevant year—

(i)

a sum equal to 0.002 per cent of the aggregate value of the assets of each of those societies as shown in their respective balance sheets as at the end of those respective financial years;

(ii)

£150,000, if the society was formed during the relevant year and that amount is less than the sum calculated in accordance with paragraph (i) of this sub-paragraph;

(iii)

£300,000, if the society was formed after the end of the relevant year and that amount is less than the sum calculated in accordance with paragraph (i) of this sub-paragraph;

(iv)

£500, if the society was formed during the relevant year and that amount is more than the sum calculated in accordance with paragraph (i) of this sub-paragraph; or

(v)

£1,000, if the society was formed after the end of the relevant year and that amount is more than the sum calculated in accordance with paragraph (i) of this sub-paragraph;

(c)

in the case of any society to which neither sub-paragraph (a) nor sub-paragraph (b) above applies, £500.

(4)

Where, after 31 December 1986 and before the date on which these Regulations come into force, a society has transferred its engagements to an authorised society under section 19 of either of the previous enactments or section 94 of the Act, the transferee society shall by virtue of this paragraph assume on that date an obligation to pay, with respect to the accounting year 1987—88, any sum which the transferor society would have assumed an obligation to pay had it been an authorised society on the date on which the Regulations come into force.