2. In respect of a society to which section 37(2) or (3) of the 1992 Act applies, which is an incorporated society or which carries on reinsurance business and which, for the year ended 31st December 2000, was required under section 69 of the 1992 Act to prepare annual accounts in the form specified in section 70 of the 1992 Act and in the Friendly Societies (Accounts and Related Provisions) Regulations 1994(1) (“the Accounts Regulations”), the value of the specified income for that year is the sum of the amounts entered as income items I.1, I.2a.(b), II.1, II.2.(b) and III.3.(b) in the income and expenditure account prepared by the society in accordance with Part I of Schedule I to the Accounts Regulations and the specified income for the year ended 31st December 2000 of every registered branch of the society as determined in accordance with paragraph 4 below.