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Regulation 4 Transitional provision

Original text. Later amendments are not shown.

(1)

This regulation applies to assets of a society which—

(a)

were previously liquid assets but have ceased to be so on the coming into force of these Regulations, and

(b)

have been held by the society continuously since a date before the date on which they ceased to be liquid assets.

(2)

A society which holds assets to which this regulation applies shall not lose its power to continue to hold those assets.

(3)

In this regulation a society is treated as including any predecessor of the society.