Section 3 General charge in respect of the accounting year beginning 1st April 1999

A friendly society which on 1st April 1999 is a registered or incorporated society 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 1998 as determined in accordance with that Schedule.

Where, after 31st December 1998 and before 1st April 1999, 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 1999, any sum which would have been payable by the transferor friendly society had it been subject to paragraph (1) above.