(1) The effect of an election under section 790X on a company's obligations under Chapter 3 is as follows.
(2) The company's obligation to maintain a PSC register does not apply with respect to the period when the election is in force.
(3) This means that, during that period -
(a) the company must continue to keep a PSC register in accordance with Chapter 3 (a "historic" register) containing all the information that was required to be stated in that register as at the time immediately before the election took effect, but
(b) the company does not have to update that register to reflect any changes that occur after that time.
(4) The provisions of Chapter 3 (including the rights to inspect or require copies of the PSC register) continue to apply to the historic register during the period when the election is in force.
(5) The company must place a note in its historic register -
(a) stating that an election under section 790X is in force,
(b) recording when that election took effect, and
…