75.—(1) Paragraphs 44 and 46 of Schedule 11 to the 2005 Act are not to apply where a society is registered under Part 5 of that Schedule in pursuance of paragraph 74 above.
(2) Sub-paragraph (1) is subject to sub-paragraph (7)(a) of paragraph 74 above.
(3) Paragraph 54(2) of that Schedule is to have effect in relation to such a society as if for the reference to each anniversary of the registration of the society there were substituted a reference to 1st January in each year after 2007 on which the society is registered.
(4) In England and Wales, where a local authority registers a society under Part 5 of Schedule 11 to the 2005 Act in pursuance of paragraph 74 above, it must notify the society in writing of the registration before the beginning of the period referred to in sub-paragraph (2) of paragraph 54 of that Schedule (as that sub-paragraph has effect by virtue of sub-paragraph (3) above) when that period occurs for the first time during the registration.
(5) In Scotland, the council referred to in sub-paragraph (4) of paragraph 74 must at the same time as it provides the information referred to in that sub-paragraph give written notice to the society—
(a)informing it that it is to be registered by the relevant licensing board under Part 5 of Schedule 11 to the 2005 Act, and
(b)explaining the effect of sub-paragraphs (2) to (4) of paragraph 76.
(6) In sub-paragraph (5)(a), “the relevant licensing board” is to have the meaning given in paragraph 74(7)(c).