(1) The relevant provisions (which relate to floating charges) apply to a registered society as they apply to an incorporated company, subject to the general and specific modifications mentioned below.

(2) In this Chapter "the relevant provisions" means - (a) Chapter 1 of Part 18 of the Companies Act 1985 ("the 1985 Act"), and (b) section 122(2) of the Insolvency Act 1986 ("the 1986 Act").

(3) The general modifications are -

(a) a reference to a company or incorporated company is to be read as a registered society;

(b) a reference to the registrar or the registrar of companies is to be read as the FCA;

(c) a reference (however expressed) to -

(i) registration of a floating charge,

(ii) registration in accordance with Chapter 2 of Part 25 of the Companies Act 2006, or

(iii) delivery to, or receipt by, the registrar of particulars for registration,