4.—(1) Any sum payable under regulation 3(1) and (4) above by a society shall be paid on 1st May 2001 or upon the earlier occurrence of a specified event but if no specified event has occurred before that date the society may pay one half of the said sum on that date and defer the other half until 1st September 2001 or the earlier occurrence of a specified event.
(2) Any sum payable under regulation 3(2) above by a society shall be paid on or before the day one month after the date on which the society is first authorised or upon the earlier occurrence of a specified event.
(3) In this regulation “specified event” in relation to a society by which a sum is payable under regulation 3 above means the earliest of any of the following—
(a)an instrument of dissolution of the society is made with consent given and testified under section 87(1) of the Act(1);
(b)the society resolves that it be wound up voluntarily or by the court;
(c)a petition for the winding up of the society is presented.
Section 87 was amended by section 43 of and paragraph 38 of Schedule 7 to the Building Societies Act 1997.