(1) Subject to the approval of the Registrar, a society may use its statutory reserves—
(a) to make good, deficiencies created by its operations; and
(b) to recoup losses on its investments.
(2) When the Registrar receives a request for approval under subregulation (1), he or she may—
(a) exempt the society from compliance with regulation 29(1)(a) for any period of time that he or she considers appropriate;
(b) restrict the purposes for which the society may use its statutory reserves; or
(c) do all or a combination of the things mentioned in paragraphs (a) and (b).