Specific modifications
10. Paragraph 54 is to have effect as if the following were substituted for it—
“54.—(1) The housing administrator of a registered society may on one or more occasions revise the proposals included in the statement made under paragraph 49 in relation to the registered society.
(2) If the housing administrator thinks that a revision is substantial, the housing administrator must send a copy of the revised proposals—
(a)to the Financial Conduct Authority,
(b)to the Secretary of State and the Regulator of Social Housing,
(c)to every creditor of the registered society, other than an opted-out creditor, of whose claim and address the housing administrator is aware, and
(d)to every member of the registered society of whose address the housing administrator is aware.
(3) A copy sent in accordance with sub-paragraph (2) must be sent within the prescribed period.
(4) The housing administrator is to be taken to have complied with sub-paragraph (2)(d) if the housing administrator publishes, in the prescribed manner, a notice undertaking to provide a copy of the revised proposals free of charge to any member of the registered society who applies in writing to a specified address.
(5) A housing administrator who fails without reasonable excuse to comply with this paragraph commits an offence.”