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SCHEDULES

SCHEDULE 20U.K. Transitional and Saving Provisions

Existing financial yearsU.K.

16U.K.In the case of a building society established before 25th August 1894—

(a)if—

(i)before 1st October 1962 the society had altered its financial year in exercise of the power conferred by section 70(2) of the M1Building Societies Act 1960, or

(ii)after that date and before the commencement date for section 117, the society has exercised the corresponding power conferred by section 128(2) of the M2Building Societies Act 1962,

(b)subject to the preceding provisions of this paragraph, “financial year” means a period of 12 months ending with the time up to which, at the commencement date for section 117, the accounts of the society were annually made up.

Marginal Citations