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

(2) A society to which this section applies shall, as soon as practicable but not later than three months after the passing of this Act, submit to the Registrar for his approval a scheme for the repayment to depositors of moneys deposited by them with the society.

(3) A society to which this section applies shall not make any payments which have not been authorised by the Registrar, other than repayments under subsection (2) in accordance with a scheme approved by the Registrar for the purposes of that subsection.

(4) A scheme approved by the Registrar under subsection (2) shall have effect notwithstanding anything in the rules of a society relating to the repayment of deposits by the society.