(1) This section applies to a registered society registered on or after 8 January 2012.

(2) The society's first year of account is the period of more than 6 months but not more than 18 months that -

(a) begins with the date of the society's registration, and

(b) ends with its accounting reference date.

(3) Each subsequent year of account -

(a) begins immediately after the end of the previous year of account, and

(b) ends with its next accounting reference date.

(4) In each calendar year, the society's "accounting reference date" is (subject to subsection (5)) the last day of the month in which the anniversary of the society's registration falls.

(5) The society may by notice to the FCA specify a new accounting reference date having effect in relation to its current and subsequent years of account.

(6) A notice under subsection (5) must state whether the current year of account -

(a) is to be shortened, so as to come to an end on the first occasion on which the new accounting reference date falls or fell after the beginning of the year of account, or

(b) is to be extended, so as to come to an end on the second such occasion.