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Friendly Societies Act 1974

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This is the original version (as it was originally enacted).

Valuations and annual returns

41Valuations

(1)Subject to the following provisions of this section, every registered society and branch, once at least in every five years, shall—

(a)cause its assets and liabilities to be valued by a qualified actuary appointed by the society or branch; and

(b)send to the registrar a report on the condition of the society or branch;

and every valuation report shall be made in such form and shall contain such particulars as the Chief Registrar may prescribe.

(2)For the purpose of any such valuation as is referred to in subsection (1) above, the Treasury—

(a)may appoint valuers (in this Act referred to as " public valuers ") who shall be qualified actuaries ; and

(b)may determine the rates of remuneration to be paid by societies and branches for the services of those public valuers.

(3)When a valuation is made under subsection (1) above, the report sent to the registrar under paragraph (b) of that subsection—

(a)shall be signed by the actuary who made the valuation and shall state his address ; and

(b)shall contain an abstract to be made by the actuary of the results of his valuation, together with a statement containing such information with respect to the benefits assured and the contributions receivable by the society or branch, and of its funds and effects, debts and credits, as the registrar may require.

(4)Subsection (1) above shall not apply—

(a)to a benevolent society, working men's club, old people's home society, cattle insurance society or to a branch of any such society or club ; or

(b)to a specially authorised society or branch unless it is so directed in the authority for registering that society or branch.

(5)The Chief Registrar may dispense with the provisions of subsection (1) above in respect of societies or branches to whose purposes, or to the nature of whose operations, he may deem those provisions inapplicable.

(6)The Chief Registrar may dispense with the provisions of subsection (1) above in respect of any particular business conducted by a registered society or branch if, in his opinion, those provisions are inapplicable to that business because of the nature of the business or the manner in which it is conducted, and in relation to any such society or branch on which a partial exemption is conferred under this subsection, subsection (1) above shall have effect (subject to any regulations made or direction given under section 42 below) as if—

(a)it required that society or branch once at least in every five years to cause its assets and liabilities in respect; of any business other than the business to which the partial exemption relates to be valued under this section; and

(b)the report required to be sent to the registrar under subsection (1) above were a report on the assets and liabilities so valued.

42Regulations and directions of Chief Registrar relating to valuations

(1)The Chief Registrar may by regulations provide that in relation to any registered society or branch of a class specified in the regulations, section 41 above shall have effect as if for the period of five years specified in subsection (1) of that section there were substituted a period of three years.

(2)The Chief Registrar may by regulations provide that in relation to any registered society or branch of a class specified in the regulations, section 41 above shall have effect as if it required the society or branch—

(a)to cause its assets and liabilities in respect of any business of a class so specified to be valued under that section and to send to the registrar a report of those assets and liabilities at least once in every three years; and

(b)to cause its assets and liabilities in respect of any other business (other than business to which a partial exemption under subsection (6) of section 41 above relates) to be so valued and to send to the registrar a report on those assets and liabilities at least once in every five years.

(3)The Chief Registrar may by regulations provide that very society or branch of a class specified in the regulations which is or was first registered under this Act or under the friendly Societies Act 1896 after 25th July 1968 shall cause its assets and liabilities to be valued for the first time under section 41 above as at a date so specified.

(4)Without prejudice to the preceding provisions of this section, if in the opinion of the Chief Registrar it is expedient in the interests of the members of any particular registered society or branch to do so, he may direct that, in relation to that society or branch, section 41 above shall have effect—

(a)as if for the period of five years specified in subsection (1) of that section there were specified a period of three years; or

(b)as if it required that society or branch—

(i)to cause its assets and liabilities in respect of any particular business specified in the direction to be valued under that section and to send to the registrar a report on those assets and liabilities at least once in every three years ; and

(ii)to cause its assets and liabilities in respect of any other business (other than business to which a partial exemption under subsection (6) of that section relates) to be so valued and to send to the registrar a report on those assets and liabilities at least once in every five years.

(5)The Chief Registrar may at any time revoke a direction given by him under subsection (4) above.

(6)Any power to make regulations under this section may be exercised so as to make different provision in relation to different cases or different circumstances to which the power is applicable.

43Annual return

(1)Every registered society and branch shall once in every year, not later than 31st May, send to the registrar a return (in this Act called an "annual return") relating to it affairs for the year of account preceding that in which the return is required to be sent.

(2)In the case of a branch, the annual return shall be sent to the registrar through an officer appointed in that behalf by the society of which the branch forms part.

(3)Every annual return of a registered society or branch—

(a)shall be made up for the year of account to which the return relates; and

(b)shall contain the revenue account or accounts of the society or branch prepared in accordance with section 30(2) above in respect of the year of account to which the return relates and a balance sheet as at the end of that year; and

(c)shall not contain any accounts other than the revenue account or accounts for that year unless those other accounts have been examined by the auditors of the society or branch under section 38 above.

(4)Together with every annual return, a registered society or branch shall send a copy of the report of the auditors on the accounts and balance sheet contained in the return.

(5)Every annual return sent to the registrar by a registered society or branch to which section 41(1) above applies shall include a statement specifying either—

(a)in the case of a society or branch on which no exemption from the provisions of subsection (1) of section 41 above has been conferred, either under subsection (5) or subsection (6) of that section, the date of the last report under that section on the condition of the society or branch or the dates respectively of the last reports under that section on the assets and liabilities of the society or branch in respect of particular businesses conducted by it, and a place where a copy of that report or copies of those reports (as the case may be) may be inspected ; or

(b)in the case of a society or branch on which a complete exemption from the provisions of section 41 above has been conferred under subsection (5) of that section, the reason for that exemption ; or

(c)in the case of a society or branch on which a partial exemption from the provisions of section 41 above has been conferred under subsection (6) of that section, the reason for that partial exemption and the date of the last report, or the dates respectively of the last reports, under that section on the assets and liabilities of the society or branch in respect of any business or businesses conducted by it, and a place where a copy of that report or copies of those reports (as the case may be) may be inspected.

(6)Without prejudice to subsection (3) above, every annual or other return required for the purposes of this Act shall be made in such form and shall contain such particulars as the Chief Registrar may prescribe.

44Copies of annual return to be supplied on demand

(1)On the application of a member or person interested in its funds a registered society or branch shall supply to him gratuitously either—

(a)a copy of the last annual return of the society or branch ;

or

(b)a balance sheet or other document duly audited containing the same particulars relating to the affairs of the society or branch as are contained in the annual return.

(2)Together with every copy of an annual return supplied in accordance with paragraph (a) of subsection (1) above and together with every balance sheet or other document supplied in accordance with paragraph (b) of that subsection, a registered society or branch shall provide a copy of the report of the auditors on the accounts and balance sheet contained in the return or on the balance sheet or document supplied, as the case may require.

45Copies of balance sheet and valuation to be displayed

Every registered society and branch shall keep always hung up in a conspicuous place at the registered office of the society or branch—

(a)a copy of the last annual balance sheet together with the report of the auditors thereon; and

(b)a copy of the last report under section 41 above on the condition of the society or branch or, where a report or reports are required under that section in respect of a particular business or particular businesses conducted by the society or branch, a copy of the last report under that section in respect of that business or in respect of each of those businesses, as the case may require.

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