Textual Amendments
9.—(1) A body which, or a person who, would otherwise be a qualifying lender may elect not to be regarded as such for the purposes of these Regulations by giving notice of election under this paragraph to the Secretary of State in accordance with sub-paragraphs (2) and (3).
(2) Subject to sub-paragraph (3), notice of election shall be given in writing—
(a)in the case of the financial year 1992 to 1993, before 23rd May 1992 and shall take effect on that date; and
(b)in the case of any other financial year, before 1st February in the preceding year and shall take effect on 1st April following the giving of the notice.
(3) A body which, or a person who, becomes a qualifying lender during a financial year and who wishes to elect not to be regarded as such for the purposes of these Regulations shall give notice of election in writing within a period of six weeks from the date on which the person or body became a qualifying lender.
(4) [F2Neither regulation 34A nor 34B shall] apply to a body which, or a person who, becomes a qualifying lender during a financial year for a period of six weeks from the date on which the person or body became a qualifying lender unless, either before the start of that period or at any time during that period, the person or body notifies the Secretary of State in writing that this sub-paragraph should not apply.
(5) A body which, or a person who, has made an election under this paragraph may revoke that election by giving notice in writing to the Secretary of State before 1st February in any financial year and the revocation shall take effect on the 1st April following the giving of the notice.
(6) Where a notice under this paragraph is sent by post it shall be treated as having been given on the day it was posted.]
Textual Amendments
F2Words in Sch. 9A para. 9(4) substituted (7.4.2003) by The State Pension Credit (Consequential, Transitional and Miscellaneous Provisions) (No. 2) Regulations 2002 (S.I. 2002/3197), regs. 1(1)(a), 5(5)(f)