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3(1)If at any annual general meeting of a building society no auditors are appointed or re-appointed, the Commission may appoint a person to fill the vacancy; and the society shall, within one week of the power of the Commission becoming exercisable, give it notice of that fact.
(2)If a building society fails to give the notice required by sub-paragraph (1) above the society shall be liable on summary conviction—
(a)to a fine not exceeding level 3 on the standard scale, and
(b)in the case of a continuing offence, to an additional fine not exceeding £40 for every day during which the offence continues ;
and so shall any officer who is also guilty of the offence.
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