OpenLegislation

Paragraph 2

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

For the purpose of paragraph 1 above—

(a)

where the engagements of a predecessor have been transferred to a society after the end of the financial year of the society to which a balance sheet referred to in that paragraph relates, the total assets of the society shall be treated as increased by the amount of the total assets of the predecessor in the latest balance sheet laid before the predecessor at an annual general meeting, and

(b)

where there is no latest balance sheet of a society to which paragraph 1 above relates and the society has predecessors, the aggregate of the total assets of those predecessors in the latest respective balance sheets laid before them at their respective annual general meetings shall be treated as the total assets of the society to which paragraph 1 above relates.