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Article 3 Prescribed contracts

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

(1)

Subject to paragraph (2) below, a society may, for the purposes of section 23(1) of the Act (which empowers societies with qualiftying asset holdings to hedge), effect prescribed contracts.

(2)

Where the security specified in a prescribed contract to which Part II of the Schedule hereto relates is an asset which is of a character which only societies of a particular description may hold under section 21 of the Act, the power to effect that contract is available only to a society of that description.