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1.—(1) The annual business statement of a society shall state, as at the end of the financial year with which it deals, the following percentages—
(a)the difference between the values of X and Y as at the balance sheet date, expressed as a percentage of X, where X and Y are calculated as defined in section 6(2) and (3) of the Act(1) and subject to sub-paragraph (3);
(b)the limit for the percentage described in sub-paragraph (a) stated in section 6(1) of the Act;
(c)the difference between the values of X and Y as at the balance sheet date, expressed as a percentage of X, where X and Y are calculated as defined in section 7(2) and (3) of the Act(2); and
(d)the limit for the percentage described in sub-paragraph (c) stated in section 7(1) of the Act.
(2) The annual business statement shall include an explanation of the basis of the calculation specified in sub-paragraph (1) and of what is represented by each of the percentages and limits so specified.
(3) For the purpose of calculating the percentage required to be stated by sub-paragraph (1)(a)—
(a)the liquid assets of the society and any subsidiary undertakings referred to in section 6(2)(a) of the Act are those included in the balance sheet under Asset item A; and
(b)the fixed assets of the society and any subsidiary undertakings referred to in section 6(2)(b) of the Act are those included in the balance sheet under Asset items D and E,
in Part I, or in the case of a group accounts society, Part II of Schedule 2.
Section 6 was substituted by section 4 of the Building Societies Act 1997 (c. 32).
Section 7 was substituted by section 8 of the Building Societies Act 1997.
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