Regulation 2

This regulation applies to a payment payable to a registered friendly society, not being a collecting society, under a contract made by the society with a member of the society in the course of its business in Great Britain, whether contained in the society's rules or not, which is one of a series of payments payable periodically of an amount which, apart from this regulation, would be or include a halfpenny.

Successive payments in a series, being each a payment to which this regulation applies and beginning with the first of such successive payments which falls due on or after 1st August 1969, shall be alternately reduced and increased in that order by the amount of a halfpenny and accordingly when such successive payments would be, but for this regulation, each of an amount of a halfpenny no amount shall be payable in respect of the first payment of every two such successive payments in the series beginning as aforesaid.