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15(1)In subsection (4) of section 44 of the 1986 Act (reauthorisation), for paragraph (b) there shall be substituted the following paragraph—
“(b)the society has adequate reserves and other capital resources;”.
(2)In subsection (5) of that section, in paragraph (a), for the words “are or include” there shall be substituted the words “include either of”.
(3)For subsection (9A) of that section there shall be substituted the following subsection—
“(9A)Any expression used in this section to which a meaning is given by subsection (13) of section 9 has that meaning in this section; and for the purposes of this section subsection (13A) of that section shall apply as if the reference to subsection (4)(b) of that section were a reference to subsection (4)(c) of this section.”
(4)For subsection (10) of that section there shall be substituted the following subsection—
“(10)In this section “adequate” means adequate having regard to the range and scale of the society’s business; and in this subsection—
(a)“business” includes business the society proposes to carry on; and
(b)the reference to the society’s business includes, where it has connected undertakings, a reference to the business of those undertakings.”
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