Regulation 4 Amendments to the principal Regulations

For regulation 4 there shall be substituted the following regulation—

“4

Section 369^f1 shall have effect as if for subsection (1) there were substituted the following subsection—

“(1)

If a housing association makes a payment of relevant loan interest to which this section applies, it shall be entitled, on making the payment, to deduct and retain out of it a sum equal to the applicable percentage thereof; and accordingly sections 337(3) (companies beginning or ceasing to carry on a trade), 338 (allowance of charges on income and capital) and 486(2) and (3) (interest paid by registered industrial and provident societies) shall not apply to that payment of relevant loan interest.”.”.