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Commencement Orders bringing legislation that affects this Act into force:
(1)Subject to the following provisions of this section [F1and section 4A(1) of this Act], every society shall in each year of account beginning on or after 1st January 1969 appoint a qualified auditor or qualified auditors to audit its accounts and balance sheet for that year.
(2)Subsection (1) of this section shall not apply to any society . . . F2 if—
(a)the receipts and payments of that society in respect of the preceding year of account did not in the aggregate exceed £5,000;
(b)the number of its members at the end of that year did not exceed five hundred; and
(c)the value of its assets at the end of that year did not in the aggregate exceed £5,000.
(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F3
(4)A society to which by virtue of subsection (2) . . . F2 of this section subsection (1) of this section does not apply in respect of any year of account is in this Act referred to as an exempt society in respect of that year of account.
(5)Subject to any direction given by the [F4Authority] under the next following subsection, every society which is an exempt society in respect of the current year of account shall in that year appoint at its option either—
(a)a qualified auditor or qualified auditors, or
(b)two or more persons who are not qualified auditors,
to audit its accounts and balance sheet for that year.
(6)The [F4Authority] may give a direction in the case of any particular society which is an exempt society in respect of the current year of account requiring it to appoint a qualified auditor to audit its accounts and balance sheet for that year.
(7)The [F4Authority] may give a direction in the case of any particular society which was an exempt society in respect of any year of account before the year of account in which that direction is given and did not appoint a qualified auditor or qualified auditors to audit its accounts and balance sheet for that year—
(a)requiring it to appoint a qualified auditor to audit those accounts and that balance sheet, and
(b)in a case where that society has sent to [F5the Authority] its annual return for that year before the date of the direction, requiring it after its accounts and balance sheet have been audited by a qualified auditor to send to [F5the Authority] within three months from receipt of the direction a further annual return complying with the requirements of this Act and . . . F2 of section 39 of the Act of 1965 (other than that as to time of sending).
(8)Regulations made by the F6. . .Treasury may—
(b)prescribe what receipts and payments of a society shall be taken into account for the purposes of those subsections.
Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.
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