The Building Societies (General Charge and Fees) Regulations 1991

General charge in respect of the Commission’s accounting year 1991-92

3.—(1) Each society which is authorised on the operative date shall pay, with respect to the accounting year 1991-92 a sum determined in accordance with paragraph (3) below.

(2) Any society which is authorised during the accounting year 1991-92 only after the operative date shall pay with respect to that year a sum determined in accordance with paragraph (3) below unless—

(a) a society was registered on the amalgamation of two or more societies, and

(b) at least one of those other societies was a society to which paragraph (1) above applied.

(3) The sum payable under paragraph (1) or (2) above (as the case may be) is—

(a) in the case of any society a financial year of which ended in the relevant year a sum equal to £1,000 plus the sum determined in accordance with paragraph (5) below using the value of the society’s assets as shown in its balance sheet as at the end of that financial year.

(b) in the case of any society to which sub-paragraph (a) above does not apply and which was formed on the amalgamation of two or more societies, financial years of which ended in the relevant year a sum equal to £2,000 plus the sum determined in accordance with paragraph (5) below using the aggregate value of the assets of each of those societies as shown in their respective balance sheets as at the end of those respective financial years.

(c) in the case of any society to which neither sub-paragraph (a) nor sub-paragraph (b) above applies, a sum equal to £1,000 plus the sum determined in accordance with paragraph (5) below using the value of the society’s assets at the date of authorisation.

(4) Where, after 31st December 1990 and before the operative date, a society has transferred its engagements to an authorised society under section 94 of the Act, the transferee society shall in addition to any sum payable by it by virtue of the foregoing provisions of this regulation by virtue of this paragraph pay, with respect to the accounting year 1991-92 any sum which would have been payable by the transferor society had it been an authorised society on the operative date.

(5) The sum determined in accordance with this paragraph is the sum

(i) determined by applying 0.00162 per cent to the relevant assets; or

(ii) where the relevant assets exceed £20,000 million, determined by adding the sums determined by applying 0.00162 per cent to the first £20,000 million of the relevant assets and applying 0.00081 per cent to the excess of the relevant assets over £20,000 million.