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Paragraph 7 Adjustments in respect of futures contracts

Original text. Later amendments are not shown.

For the purposes of paragraph 6 above, the society shall be deemed to have acquired or disposed of assets pursuant to a futures contract if, at the relevant date, it has entered into (and not closed out) a futures contract which—

    1. (a)

      provides for the acquisition of assets by the society; or

    2. (b)

      is listed and provides for the disposal of assets by the society; or

    3. (c)

      is not listed but provides for the disposal of assets by the society to an approved counterparty and it is prudent to assume that such disposal will take place within one year of the relevant date.