(1)

(a) This subsection applies to a society which was not incorporated before the 4th day of October, 1978, or which on that date was incorporated and either had not accepted deposits or had accepted and held deposits the aggregate of which on that date did not exceed £25,000.

(b) A society to which this subsection applies shall not accept deposits.

(2) Subject to subsection (3), a society other than a society to which subsection (1) applies shall not accept or hold deposits after the end of the period of five years commencing at the passing of this Act.

(3)

(a) The Minister, after consultation with the Central Bank, may, by regulation, extend the period of five years referred to in subsection (2) for such further period or periods as he considers appropriate having regard to the public interest.

(b) Regulations under this subsection may apply to a specified class or classes of society denoted by reference to such matters as the Minister thinks fit, and different periods may be specified for different classes of society.