Regulation 3 Amendments to the principal Regulations

After regulation 3 of the principal Regulations insert the following regulations—

“3A

A friendly society which was an incorporated friendly society on 31st December 1993 shall pay to the Commission, with respect to the accounting year beginning on 1st April 1994, the sum of £16,000.

3B

A friendly society which is an incorporated friendly society on the operative date of 1994, other than a society to which regulation 3A applies, shall pay to the Commission, with respect to the accounting year beginning on 1st April 1994, a sum determined in accordance with Schedule 1 to these Regulations using the value of the friendly society’s specified income for the relevant year.”