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3.—(1) The acceptance by a charity of a deposit is an exempt transaction if—
(a)the deposit is made by another charity, or
(b)there is payable in respect of the deposit neither interest nor a premium.
(2) In this regulation “charity” means any institution, trust or undertaking, whether corporate or not, which is established solely for charitable purposes, and in the application of this regulation to Scotland “charitable” shall be construed in the same way as in the Income Tax Acts.
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