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Application provision

1.1 Unless otherwise stated, this Part applies to a non-directive friendly society.



  1. (1) The amount by which the firm is exposed to assets of a particular description in excess of the permitted asset exposure limit must be calculated by subtracting the permitted asset exposure limit for assets of that description from the corresponding amount of the exposure, calculated in accordance with 18 to 23.
  2. (2) For the purpose of (1), exposures to assets must be excluded to the extent that such exposure has caused the recognition of excess exposure to assets of a different description and if the figure arrived at is negative, it must be taken to be zero.