Regulation 5 Authorisation of existing societies
This regulation applies in the case of an existing society, that is to say–
a society which was carrying on long term business at the date of coming into force of these Regulations and is not exempt from the application of these Regulations at that date by virtue of the provisions of regulation 3 above; or
a society which–
carries on long term business whether commenced before or after the date of coming into force of these Regulations; and
has been exempt from the application of these Regulations by virtue of regulation 3(c)(ii); and
ceases to be so exempt by virtue of the proviso to regulation 3(c)(ii).
Where the annual contribution income of an existing society exceeds 500,000 units of account for three consecutive years of account beginning on or after 1st January 1985, the secretary of the society shall submit to the Chief Registrar a statement to the effect that the society’s annual contribution income for each of the said three consecutive years of account exceeded that amount and a statement of the class or classes of long term business which it was carrying on during those years.
The statements referred to in paragraph (2) above shall be certified by the auditor of the society to be true statements and submitted to the Chief Registrar not later than 30th June in the year immediately following the three consecutive years of account referred to in paragraph (2) above; provided that the Chief Registrar may allow a longer period in any case in which he is satisfied that it is right in the circumstances of the society to do so.
Within two months of receipt of the statements referred to in paragraph (2) above, the Chief Registrar shall, if he is satisfied as to the accuracy of those statements, authorise the society to carry on the class or classes of long term business which it was carrying on during the three consecutive years of account mentioned in that paragraph, and cause a certificate of authorisation in respect of the said class or classes to be placed on the public file of the society, and a copy of that certificate to be sent to the secretary of the society.
Regulation 4(1) shall not be taken to prohibit an existing society (other than one which has failed to comply with the requirements to paragraphs (2) and (3) above) from carrying on long term business in the United Kingdom during the period ending on the date on which authorisation under paragraph (4) above (or, as the case may be, refusal to issue that authorisation) takes effect.