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Commencement Orders bringing legislation that affects this Act into force:
(1)Subject to subsections (3) and (4) of this section, a society may disapply section 4 of this Act in relation to any year of account beginning on or after the day on which the Deregulation (Industrial and Provident Societies) Order 1996 comes into force if—
(a)the value of its assets at the end of the preceding year of account did not in the aggregate exceed £1,400,000, and
(b)its turnover for that year did not exceed £350,000
(2)The power conferred by subsection (1) of this section shall be exercisable by resolution passed at a general meeting at which—
(a)less than 20 per cent. of the total votes cast are cast against the resolution, and
(b)less than 10 per cent. of the members of the society for the time being entitled under the society’s rules to vote cast their votes against the resolution.
(3)Subsection (1) of this section shall not apply to a society which—
(a)is a credit union within the meaning of the Credit Unions Act 1979,
(b)is registered in the register of housing associations maintained by the Housing Corporation [F2or the Secretary of State],
[F3(ba)is registered in the register of social landlords maintained under section 57 of the Housing (Scotland) Act 2001 (asp 10),]
(c)is, or has, a subsidiary,
(d)prepares accounts under the Insurance Accounts Directive (Miscellaneous Insurance Undertakings) Regulations 1993 F4, or
(e)holds, or has, at any time since the end of the preceding year of account, held, a deposit F5. . ., other than a deposit in form of withdrawable share capital.
(4)The [F6Authority] may by notice to a society disapply subsection (1) of this section in relation to the year of account of the society in which the notice is given.
(5)Where a society exercises the power conferred by subsection (1) of this section, the disapplication shall cease to have effect if, at any time before the end of the year of account to which it relates—
(a)the society becomes one to which subsection (3) of this section applies, or
(b)the [F6Authority] gives the society notice under subsection (4) of this section.
(6)In the case of a society which is a charity within the meaning of the Charities Act 1993 F7, or a recognised body as defined by section 1(7) of the Law Reform (Miscellaneous Provisions) (Scotland) Act 1990 F8, subsection (1) of this section shall have effect with the substitution for paragraph (b) of—“
(b)its gross income for that year did not exceed £250,000."
(7)For a period which is a society’s year of account, but not in fact a year, the maximum figure in subsection (1)(b) of this section (including that provision as it has effect by virtue of subsection (6) of this section) shall be proportionately adjusted.
(8)In this section, “turnover", in relation to a society, means the amounts derived from the provision of goods and services falling within the society’s activities, after deduction of—
(b)value added tax, and
(c)any other taxes based on the amounts so derived.]
[F9(9)In subsection (3), the reference to a deposit must be read with—
(a)section 22 of the Financial Services and Markets Act 2000;
(b)any relevant order under that section;
(c)Schedule 2 to that Act.]
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