Credit Unions and Co-operative and Community Benefit Societies Act (Northern Ireland) 2016

Industrial and Provident Societies Act (Northern Ireland) 1969 (c. 24)

38.—(1) Section 48 (annual returns) is amended as follows.

(2) For subsections (1) to (1B) substitute—

“(1) A registered society must, within the period of 7 months beginning immediately after the end of a year of account, send to the registrar—

(a) a return relating to its affairs for that year (the society’s “annual return” for that year),

(b) a copy of each balance sheet made during that year, and

(c) a copy of any relevant auditor’s report for that year.

(1A) “Relevant auditor’s report” means—

(a) if section 38 (duty to appoint auditors) applies for that year, the auditor’s report on the society’s accounts for that year and any auditor’s report on a balance sheet made during that year;

(b) otherwise, any report for that year required by section 43A.”.

(3) In subsection (2) omit—

(a) “and” at the end of paragraph (b);

(b) paragraph (c).

(4) Omit subsections (3) to (5).

39.  In section 67(5) (instrument of dissolution) for the words from “such a final return” to the end substitute “the society’s annual return for its last year of account (see section 36A(8) or 36B(8)).”.

40.  In section 68(1) (restriction on dissolution or cancellation of registration)—

(a) for “section 64(a)” substitute “section 64(1)(a)”;

(b) for “section 64(b)” substitute “section 66A”.

41.  In section 101(1) (interpretation) for the definition of “year of account” substitute—

““year of account” is to be read in accordance with sections 36A and 36B.”.

42.  In Part 1 of Schedule 1 (matters to be provided for in the society’s rules) in paragraph 7 before “shares” insert “withdrawable”.