5.—(1) In section 37 (general provisions as to accounts and balance sheets of registered societies) subsection (5) (which restricts the circumstances in which a society can publish a revenue account or balance sheet) shall cease to have effect.
(2) After that section there shall be inserted—
“Publication of accounts and balance sheets registered societies.
37A.—(1) A registered society shall not publish any revenue account or balance sheet unless it has been signed by of the secretary of the society and by two members of the committee of the society acting on behalf of that committee.
(2) Where at the end of a registered society’s year of account no disapplication under section 38A(1) is in force in relation to the year, the society shall not publish a year end q 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 society, and
(b)it incorporates a report by the auditor or auditors stating whether in their opinion it complies with subsection (1) or, as the case may be, subsection (4) of section 37.
(3) Where at the end of a registered society’s year of account a disapplication under section 38A(1) is in force in relation to the year and the society’s turnover in the preceding year of account exceeded £90,000, the society shall not publish a year end revenue account or balance sheet unless—
(a)it is one on which the society has obtained from a person appointed under subsection (2) of section 43A a report which meets the requirements of subsection (3) of that section, and
(b)it incorporates so much of the report as relates to it.
(4) Where at the beginning of a year of account (in this subsection referred to as “the current year of account”) a registered society is subject to subsection (2) in relation to the publication of a year end revenue account or balance sheet for the preceding year of account, it shall not publish any interim revenue account or balance sheet for the current year of account—
(a)if a disapplication under section 38A(1) is in force in relation to that year, unless it incorporates a report by an appropriate person stating whether in his opinion it complies with subsection (1) or (4), as the case may be, of section 37; and
(b)if no disapplication under section 38A(1) is in force in relation to that year, unless paragraphs (a) and (b) of subsection (2) are met in relation to it.
(5) Where at the beginning of a year of account (in this subsection referred to as “the current year of account”) a registered society is subject to subsection (3) in relation to the publication of a year end revenue account or balance sheet for the preceding year of account, it shall not publish any interim revenue account or balance sheet for the current year of account unless it incorporates a report by an appropriate person stating—
(a)whether, in his opinion, the revenue account or, as the case may be, the balance sheet, is in agreement with the books of account kept by the society under section 35, and
(b)whether, in his opinion, on the basis of the information contained in those books of account, the revenue account or, as the case may be, the balance sheet complies with the requirements of this Act.
(6) Where a registered society’s year of account is one in relation to which a direction under section 43C has effect, the society shall not publish any year end or interim revenue account or balance sheet, unless it incorporates a report by the auditor or auditors appointed in pursuance of the direction stating whether in their opinion it complies with subsection (1) or (4), as the case may be, of section 37.
(7) Subsection (3) shall cease to apply in relation to a year of account if a direction under section 43C is made in relation to it.
(8) Section 43B shall apply in relation to a person appointed for the purposes of subsection (4) or (5) as it applies in relation to a person appointed under section 43A(2).
(9) In subsection (4) references to a disapplication under section 38A(1) being in force in relation to a year of account shall, where the year of account has ended, be construed as references to a disapplication under that provision being in force at the end of the year.
(10) Subject to subsection (11), in subsections (4) and (5) references to an appropriate person are to a person who is —
(a)a qualified auditor for the purposes of this Act,
(b)not ineligible by virtue of section 42(1) to be appointed as auditor of the society.
(11) In relation to the application of subsection (4) to a society which—
(a)was an exempt society in respect of the preceding year of account, and
(b)appointed persons who were not qualified auditors to audit its accounts and balance sheet for that year,
subsection (10) shall, if the year is not one in relation to which the registrar has given a direction under section 38(6)(a), have effect with the omission of paragraph (a) of that subsection.
(12) In this section—
“interim balance sheet”, in relation to a year of account, means a balance sheet relating to the position at a time in the year other than the end;
“interim revenue account”, in relation to a year of account, means a revenue account for any period falling within the year of account, other than one ending at the end of the year;
“turnover” has the same meaning as in section 38A;
“year end balance sheet”, in relation to a year of account, means a balance sheet relating to the position at the end of the year; and
“year end revenue account”, in relation to a year of account, means a revenue account for the year or for any period falling within the year of account and ending at the end of the year.”.