3.—(1) In a case where—
(a)a proposal is made by the directors of a company and before the appointed day the intended nominee has endorsed a copy of the written notice of the proposal under Rule 1.4(3) of the Insolvency Rules, or, in Scotland, under Rule 1.4(3) of the Insolvency (Scotland) Rules;
(b)a proposal is made by the liquidator or the administrator (acting as nominee) and before the appointed day the liquidator or administrator (as the case may be) has sent out a notice summoning the meetings under section 3 of the Act as required by Rule 1.11 of the Insolvency Rules, or, in Scotland, by Rule 1.11 of the Insolvency (Scotland) Rules; or
(c)a proposal is made by the liquidator or the administrator of a company (not acting as the nominee) and before the appointed day the intended nominee has endorsed a copy of the written notice of the proposal under Rule 1.12(2) of the Insolvency Rules, or, in Scotland, Rule 1.12(2) of the Insolvency (Scotland) Rules,
the amendments made to the Act by Part I of Schedule 2 and the repeal made by section 15(1) and Schedule 5 in respect of section 5(2) and (3) of the Act shall not apply and the provisions of the Act as they have effect immediately before the appointed day shall continue to have effect.
(2) The provisions of paragraph (1) shall—
(a)apply in relation to building societies(1) as they apply in relation to companies; and
(b)in their application to building societies, have effect with the substitution for “company” of “building society”.
(3) In this article “proposal” has the same meaning as it has in section 1(2) of the Act.
The provision of Part I (other than section 1A) of the Insolvency Act 1986 are applied to building societies by section 90A of, and Schedule 15 to the Building Societies Act 1986 (1986 c. 53) as inserted by section 39(2) of, and Schedule 6 to, the Building Societies Act 1997 (1997 c. 32).