3ZA

But where there has been a transfer of other business within section 461D(1), subsection (3) above shall not apply to a payment made by the transferee if—

a

the transferor was a society to which subsection (2) above did not apply, and

b

the member to whom the payment is made was a member of the transferor.

3ZB

And where there has been a transfer of other business within section 461D(3), subsection (3) above shall apply to a payment made by the transferee if—

a

the transferor was a society to which subsection (2) above applied, and

b

the member to whom the payment is made was a member of the transferor.

3ZC

Where subsection (3ZB) above applies, for the purposes of subsection (3) above—

a

any payment of sums by a member to the society by way of contributions or deposits shall be treated as including any payment to the transferor, and

b

any payment or repayment of sums to a member by the society within subsection (3)(a) or (b) shall be treated as including any payment or repayment made by the transferor.

3ZD

In subsections (3) to (3ZC) above “transferee” and “transferor” shall be construed in accordance with section 461D.