5(1)Section 460 (exemption from tax for registered friendly societies in respect of life or endowment business) shall be amended as follows.
(2)In subsection (1), for “registered friendly society” there shall be substituted “friendly society”.
(3)In subsection (2)—
(a)in paragraph (a), for “friendly society” there shall be substituted “registered friendly society”, and
(b)the following paragraph shall be inserted after paragraph (a)—
“(aa)shall not, subject to section 462, exempt an incorporated friendly society which, before its incorporation, was a registered friendly society such as is mentioned in paragraph (a) above;”.
(4)In subsections (5) to (10), for “registered friendly society” (in each place) there shall be substituted “friendly society”.
(5)In subsection (11)—
(a)for “registered friendly society” there shall be substituted “friendly society”,
(b)for “section 72 of the [1970 c. 31 (N.I.).] Friendly Societies Act (Northern Ireland) 1970” there shall be substituted “section 91 of the [1992 c. 40.] Friendly Societies Act 1992”, and
(c)for “that Act” there shall be substituted “either of those Acts”.