(1) A friendly society which is authorised under section 32 above to carry on long term business and which -
(a) is a society to which subsection 37(2) above applies; or
(b) is a society of a description prescribed by regulations,
shall, once in every period of 12 months, cause an investigation to be made by the appropriate actuary into the financial condition of the society in respect of its long term business.
(2) The first investigation into a society's financial condition under this section shall be -
(a) in the case of a friendly society to which section 37(2) above applies which -
(i) is a registered friendly society that was authorised under the Friendly Societies (Long Term Insurance Business) Regulations 1987 [S.I.1987/2132.]; or
(ii) is an incorporated friendly society which was formerly a registered friendly society so authorised,
an investigation into its condition at a date not later than 12 months after the date to which the accounts of the society were made up for t