Regulation 3 General charge in respect of the accounting year beginning 1st April 1996

A friendly society which is registered or incorporated on 1st April 1996 shall pay to the Commission, with respect to the accounting year beginning on that date, a sum determined in accordance with Schedule 1 to these Regulations using the value of the friendly society’s specified income for the year ended 31st December 1995.

Where, after 31st December 1995 and before 1st April 1996, a friendly society has transferred its engagements to another friendly society, the transferee friendly society shall, in addition to any other sum payable by it under this regulation, pay, with respect to the accounting year beginning 1st April 1996, any sum which would have been payable by the transferor friendly society had it been subject to paragraph (1) above on 1st April 1996.

For the purposes of these Regulations, the value of a friendly society’s specified income for the year ended on 31st December 1995 is the value determined in accordance with Schedule 1 to these Regulations.