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Building Societies Act 1986

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Building Societies Act 1986, Section 81 is up to date with all changes known to be in force on or before 18 February 2020. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

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81 Laying and furnishing accounts, etc., to [F1members [F2, the FCA and the PRA]] .U.K.

(1)The directors of every building society shall lay before the society at the annual general meeting the annual accounts for the last financial year.

(2)The directors of every building society shall send [F3two copies] of the annual accounts for the last financial year to the [F4FCA, and, if the society is a PRA-authorised person, one copy to the PRA,] not later than 14 days before the annual general meeting at which the accounts are to be considered.

(3)Every building society shall, as from the date by which at the latest its directors are required to send them to the [F5FCA and, if the society is a PRA-authorised person, the PRA] , make copies of the annual accounts available free of charge to members of and depositors with the society at every office of the society and, free of charge, shall send copies of those documents to any member or depositor who demands it.

[F6(3A)Where a copy of the annual accounts is required to be sent to a member or depositor under subsection (3)—

(a)they may be sent to him electronically only if they are sent to an electronic address notified to the society by that member or depositor for the purpose; but

(b)the requirement to send them shall also be treated as satisfied if the conditions set out in subsection (3B) are satisfied.

(3B)The conditions of this subsection are satisfied in the case of a copy of the annual accounts if—

(a)the society and the member or depositor have agreed that information that is required to be sent to him may instead be accessed by him on a web site;

(b)the agreement applies to the annual accounts in question;

(c)within seven days of his demand, the member or depositor is notified F7... of—

(i)the publication of the accounts on a web site,

(ii)the address of that web site, and

(iii)the place on that web site where the accounts may be accessed, and how they may be accessed; and

(d)the accounts are published on that web site throughout the period beginning on the date on which the member or depositor is notified in accordance with paragraph (c) and ending with the conclusion of the annual general meeting at which the accounts are to be considered.]

(4)If default is made in complying with subsection (1) or (2) above, every person who was a director at any time during the relevant period shall be liable on summary conviction—

(a)to a fine not exceeding level 5 on the standard scale; and

(b)in the case of a continuing offence, to an additional fine not exceeding £200 for every day during which the offence continues.

(5)If, on demand made of it under subsection (3) above, a building society fails, in accordance with that subsection, to make available or, as the case may be, within seven days of the demand, to send, to a person a copy of the annual accounts 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.

[F8(5A)Where, in a case in which subsection (3A)(b) is relied on for compliance with a requirement under subsection (3)—

(a)a copy of the annual accounts is published for a part, but not all, of the period mentioned in subsection (3B)(d), but

(b)the failure to publish it throughout that period is wholly attributable to circumstances which it would not be reasonable to have expected the society or the officer to prevent or avoid,

no offence is committed under subsection (5) by reason of that failure.]

(6)In subsection (4) above “the relevant period” means the period beginning at the end of the last financial year and ending with the date which falls 14 days before the annual general meeting following the end of that year.

(7)The [F9[F10FCA] shall keep one of the copies] of the annual accounts of a building society received by it under subsection (2) above in the public file of the society.

(8)In this section any reference to the annual accounts includes a reference to the documents annexed or attached to them under section 80.

Textual Amendments

F1Words in s. 81 side-note substituted (17.8.2001 for certain purposes and otherwise 1.12.2001) by S.I. 2001/2617, arts. 2(a)(b), 8, 13(1), Sch. 3 para. 170(a) (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2(1)

F3Words in s. 81(2) substituted (17.8.2001 for certain purposes and otherwise 1.12.2001) by S.I. 2001/2617, arts. 2(a)(b), 8, 13(1), Sch. 3 para. 170(b)(i) (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2(1)

F7Words in s. 81(3B)(c) omitted (18.2.2014) by virtue of Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(2), Sch. 9 para. 11

F9Words in s. 81(7) substituted (17.8.2001 for certain purposes and otherwise 1.12.2001) by S.I. 2001/2617, arts. 2(a)(b), 8, 13(1), Sch. 3 para. 170(d) (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2(1)

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