Regulation 3 Transitional provisions

Notwithstanding that sections 41 (valuations), 42 (regulations and directions of Chief Registrar relating to valuations) and 43 (annual return) of the Friendly Societies Act 1974 have ceased to have effect in relation to registered friendly societies^f1 and regulations 11 (annual actuarial investigations), 21 to 24 (valuation of solvency margins) and 60 (valuations, returns and fees) of the Friendly Societies (Long Term Insurance Business) Regulations 1987^f2 have been revoked, those provisions shall continue to have effect in relation to the valuations, annual returns, or annual actuarial investigations of a registered friendly society for the year ending 31st December 1993 and in particular the Chief Registrar may consent to a friendly society, for the purpose of its annual valuation return for the year ending 31st December 1993, valuing an implicit item in accordance with regulations 22 to 24 of those Regulations.