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7.—(1) The Schedule to these Regulations shall have effect for the purpose of modifying—
(a)the Industrial and Provident Societies Act 1965(1); and
(b)the Friendly and Industrial and Provident Societies Act 1968(2),
in their application to industrial and provident societies which prepare accounts under the provisions of these Regulations.
(2) The Industrial and Provident Societies (Group Accounts) Regulations 1969(3) shall not apply to industrial and provident societies which prepare accounts under the provisions of these Regulations.
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