SCHEDULE 20 Transitional and Saving Provisions
Existing financial years
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In the case of a building society established before 25th August 1894—
(a)
if—
(i)
before 1st October 1962 the society had altered its financial year in exercise of the power conferred by section 70(2) of the M1Building Societies Act 1960, or
(ii)
after that date and before the commencement date for section 117, the society has exercised the corresponding power conferred by section 128(2) of the M2Building Societies Act 1962,
“financial year” shall, after the date on which the society exercised the power, have the meaning given in section 117 and shall (so far as may be relevant for the purposes of this Act) include the period for which the society made up its accounts in the exercise of the power, and
(b)
subject to the preceding provisions of this paragraph, “financial year” means a period of 12 months ending with the time up to which, at the commencement date for section 117, the accounts of the society were annually made up.