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Co-operative and Community Benefit Societies Act 2014

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This is the original version (as it was originally enacted).

Officers and employees in charge of money etc

41Security to be given by certain officers

(1)This section applies to an officer of a registered society who receives or is in charge of money.

(2)If the society’s rules so require, the officer must (before undertaking the duties of office) give security in such sum as the society’s committee may direct conditioned for—

(a)the officer rendering an accurate account of all moneys received and paid by the officer on account of the society, at such times as its rules provide or as the society or its committee requires, and

(b)the payment of all sums due from the officer to the society.

(3)The security must be given by the officer—

(a)becoming bound, with or without a surety (or, in Scotland, cautioner) as the society’s committee may require, in a bond in one of the forms set out in Schedule 1 or in such other form as the committee may approve, or

(b)giving the security of a guarantee society.

42Duty of certain officers and employees to account

(1)This section applies to—

(a)an officer of a registered society who receives or is in charge of money, and

(b)an employee of a registered society who receives or is in charge of money and is not engaged under a special agreement to account.

A person to whom this section applies is referred to below as a “relevant person”.

(2)A relevant person must render such an account as the society or its committee may require (to be examined and allowed or disallowed by it)—

(a)at such time as the relevant person is required to do so by the society’s rules, or

(b)on demand, or

(c)on notice in writing requiring the relevant person to do so, given or left at that person’s last or usual place of residence.

(3)A relevant person must, on demand or on the giving of notice of a kind mentioned in subsection (2)(c), pay over all moneys and deliver all property for the time being in the relevant person’s hands or custody to such person as the society or its committee may appoint.

(4)Duties imposed on a relevant person under subsection (2) or (3) are, after that person’s death, to be treated as imposed on the person’s personal representatives.

(5)In case of any neglect or refusal to comply with the preceding provisions of this section, the society may—

(a)sue on any bond or security given under section 41, or

(b)apply to—

(i)the county court (which may proceed in a summary way) or a magistrates’ court, or

(ii)in Scotland, the sheriff.

(6)The order of the county court, magistrates’ court or sheriff is final and conclusive (despite anything in section 77 of the County Courts Act 1984).

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