(1) This Regulation applies in relation to every registered society in respect of which the Registrar of Friendly Societies certifies that it is a society -
(a) which is a specially authorised society within the meaning of section 8(5) of the Principal Act,
(b) whose objects are within the purposes set out in the authorisations of the 16th day of May, 1876, and the 23rd day of April, 1903, and
(c) whose funds, notwithstanding anything in section 44 of the Principal Act, are invested solely in trustee authorised investments.
(2) Section 46 of the Principal Act shall have effect as if -
(a) "£5,000" were substituted for "two hundred pounds" in paragraph (b), and
(b) "£2,500" were substituted for "fifty pounds" in paragraph (c).
(3) Each society in relation to which this Regulation applies shall, immediately after the first annual general meeting of the society to be held on or after the commencement of these Regulations, have a supervisory committee.
(4) In this Regulation "truste