3(1)This Part of this Schedule applies if, on or after 19th March 1985, an old society—
(a)begins to carry on tax exempt life or endowment business; or
(b)in the opinion of the Board begins to carry on such business on an enlarged scale or of a new character.
(2)If it appears to the Board, having regard to the restrictions placed on qualifying policies issued by new societies by paragraphs 3(b)(1), 3(1)(c) and 3A(3) of Schedule 1 to the Taxes Act (as set out in Part I of tins Schedule), that for the protection of the revenue it is expedient to do so, the Board may give a direction to the old society under paragraph 4 below.