Accounts, etc.
Accounts and balance sheets42
1
Every revenue account of a credit union shall give a true and fair view of the income and expenditure of the credit union for the period to which the account relates F1. . . .
2
Every credit union shall, in respect of each year of account, cause to be prepared a revenue account which deals with the affairs of the credit union for that year.
3
Every balance sheet of a credit union shall give a true and fair view of the state of the affairs of the credit union as at the date of the balance sheetF2. . . .
4
Subject to paragraph (5), a credit union shall not publish any revenue account or balance sheet unless—
a
it has been previously audited by the auditor or auditors last appointed to audit the accounts and balance sheet of the credit union,
b
it incorporates a report by the auditor or auditors stating whether in their opinion it complies with the provision of paragraph (1) or paragraph (3) which is applicable in that case, and
c
it has been signed by the secretary of the credit union and by 2 members of the board of directors acting on behalf of that board.
5
A credit union may display at its registered office, but only at that office, an interim revenue account or balance sheet which has not been audited, provided that—
a
the latest audited revenue account and balance sheet are displayed side by side with the interim revenue account or balance sheet; and
b
the interim revenue account or balance sheet so displayed is marked in clearly legible characters and in a prominent position with the words “UNAUDITED REVENUE ACCOUNT” or, as the case may be, “UNAUDITED BALANCE SHEET”.
6
If in relation to any revenue account or balance sheet of a credit union a member of the board of directors fails to take all reasonable steps to secure compliance with the provision of paragraph (1) or paragraph (3) which is applicable in that case he shall be guilty of an offence and shall be liable on summary conviction to a fine not exceeding level 3 on the standard scale, unless he proves that he had reasonable grounds to believe, and did believe, that a competent and reliable person was charged with the duty of seeing that the relevant provision was complied with and was in a position to discharge that duty.