158(1)This paragraph applies to a deposit with a deposit-taker which—U.K.
(a)was made before 6 July 1984, and
(b)meets the condition in sub-paragraph (2).
(2)The condition is that the deposit is made on terms which—
(a)do not make provision for the transfer of the right to repayment,
(b)prevent partial withdrawals of, or additions to, the deposit, and
(c)require the deposit-taker—
(i)to repay the sum at the end of a specified period ending after 5 April 1985, or
(ii)if interest is payable only when the deposit is repaid, to repay the sum on demand or on notice.
(3)The deposit is to be treated as a qualifying time deposit for the purposes of section 866.