(1) Notwithstanding section 46, and subject to subsection (2), a registered society shall not, after the date (in this section referred to as "the operative date") of the coming into operation of section 6 of the Friendly Societies and Industrial and Provident Societies (Miscellaneous Provisions) Act 2014, form a separate loan fund under the said section 46.
(2) The amendment effected by subsection (1) shall not apply where -
(a) a registered friendly society has formed a separate loan fund under the said section 46, and
(b) an application to register the necessary rule change has been received by the registrar, before the operative date.