Regulation 31 Short-term Financial Scheme

If the margin of solvency of an authorised society falls below the amount of the guarantee fund prescribed in regulation 19 above, or the requirements of paragraph (3) of that regulation cease to be satisfied, the society shall at the request of the Chief Registrar submit to him a short-term financial scheme, and shall propose modifications to the scheme if the Chief Registrar considers it inadequate as originally submitted.

The society shall give effect to the scheme in the form in which it is approved by the Chief Registrar, within such period as he may allow.

Until such time as the society has given effect to the scheme, the Chief Registrar may restrict or prohibit the free disposal of its assets by issuing directions to the society for that purpose.