Regulation 4 Transitional provisions
In the first financial year of a friendly society in which the obligation described in section 69(6) of the Building Societies Act 1986f1 applies, if an order under paragraph 16 of Part II of Schedule 11 to the 1992 Act (which empowers the prescription of bands) is made so as to come into force during that financial year—
the society may, for the purposes of subsection (8) of section 69 of the Building Societies Act 1986 (which deals with election for the purposes of disclosure of requisite particulars), give notice of an election with respect to that financial year at any time before the end of that financial year, and
that election shall be treated as an effective election for the purposes of that subsection.
Annotations
Footnotes
- f1
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1986 c. 53. Section 69 is applied to friendly societies by section 27(5) of, and Part II of Schedule 11 to, the Friendly Societies Act 1992.