With this it will be convenient to discuss new clause 1—Building societies making transfers under section 2: information in directors’ reports—

‘(1) Where—

(a) the directors of a building society are required by section 75 of the Buildings Societies Act 1986 (c. 53) (Directors’ report) to prepare a report for a particular year, and

(b) in that year the building society made transfers in relation to which section 2 applied, the report must identify each of the charities concerned and specify the amount transferred to each of them.

(2) The requirements of subsection (1) are to be treated for the purposes of the Building Societies Act 1986 as requirements of that Act.’.