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Paragraph 1

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

A society agrees with a participant (whether by a single agreement or by a series of agreements) that, in consideration of the payment by one party to the agreement, to the other of specified sums of money, the payer will have the right at specified times or during a specified period to enter into a prescribed contract on specified terms with the payee such terms including terms having the effect of the terms set out for swap contracts in Part I of this Schedule.