(1) These Regulations apply to building societies (within the meaning of section 119 of the Building Societies Act 1986 [1986 c. 53.]), subject to the modifications specified in paragraph (2).

(2) The modifications specified in this paragraph are that references in these Regulations to -

(a) "relevant persons" are to be read as references to the persons who were shareholding members of the building society (within the meaning of paragraph 5 of Schedule 2 to the Building Societies Act 1986 [As amended by the Building Societies Act 1997 (c. 32), section 2(2).]) or were creditors of the building society, immediately before the coming into effect of the first resolution instrument to be made in respect of the building society;

(b) "the initial instrument" are to be read as references to the first resolution instrument to be made in respect of the building society;

(c) sections of the Act are to be read as to those sections as applied or as applied and modified by virtue of section 84 of the Act [2009 c. 1.];

(d) Case 2 and Case 3 are to be disregarded.