A society, or branch of a society, to which subsection (2) or (3) of section 96 of the 1992 Act applies, shall continue to be subject to sections 23, 34 and 36 of the 1970 Act for the purposes of any revenue accounts or balance sheets due to be prepared, any quinquennial or triennial valuation due to be carried out or any annual return due to be sent in respect of the year of account for 1993, or any previous year or, as the case may be, in respect of any period of five or three years ending on or before 31st December 1993 until the relevant steps have been taken under those sections (with the transitional arrangements set out in paragraph (2) below) notwithstanding the repeal of sections 23, 34 and 36 of the 1970 Act by Schedule 22 to the 1992 Act.

For the purpose of performing the relevant steps referred to in paragraph (1) above, in sections 34 and 36 of the 1970 Act, for the word “registrar”, wherever occurring, there is substituted “Friendly Societies Commission”.