8.—(1) References in this Part of this Schedule to shares held by a society must be construed as follows.
(2) For the purposes of paragraphs 2 to 4:
(a)there must be attributed to the society any shares held by a subsidiary, or by a person acting on behalf of the society or a subsidiary; but
(b)there must be treated as not held by the society any shares held on behalf of a person other than the society or a subsidiary.
(3) For the purposes of paragraphs 5 to 7:
(a)there must be attributed to the society shares held on its behalf by any person; and
(b)there must be treated as not held by a society shares held on behalf of a person other than the society.
(4) For the purposes of paragraphs 2 to 7, shares held by way of security must be treated as held by the person providing the security:
(a)where apart from the right to exercise them for the purposes of preserving the value of the security, or of realising it, the rights attached to the shares are exercisable only in accordance with his instructions; and
(b)where the shares are held in connection with the granting of loans as part of normal business activities and apart from the right to exercise them for the purpose of preserving the value of the security, or of realising it, the rights attached to the shares are exercisable only in his interests.