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Co-operative and Community Benefit Societies Act (Northern Ireland) 1969

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37General provisions as to accounts and balance sheets of registered societies.N.I.

(1)Every revenue account of a registered society shall give a true and fair view—

(a)if it deals with the affairs of the society as a whole, of the income and expenditure of the society as a whole, or

(b)if it deals with a particular business conducted by the society, of the income and expenditure of the society in respect of that business,

for the period to which the account relates.

(2)Every registered society shall, in respect of each year of account, cause to be prepared either—

(a)a revenue account which deals with the affairs of the society as a whole for that year, or

(b)two or more revenue accounts for that year which deal separately with particular businesses conducted by the society.

(3)In a case falling within subsection (2)(b), without prejudice to the application of subsection (1)(b) to each revenue account dealing with a particular business conducted by the society, the revenue accounts in question, when considered together, shall give a true and fair view of the income and expenditure of the society as a whole for the year of account to which they relate.

(4)Every balance sheet of a registered society shall give a true and fair view of the state of the affairs of the society as at the date of the balance sheet.

Subs. (5) rep. by 1997 NI 22

(6)If in relation to any revenue account, revenue accounts or balance sheet of a society a member of the committee of the society fails to take all reasonable steps to secure compliance—

(a)with the provision of subsection (1) or subsection (4) which is applicable in that case, or

(b)in a case falling within subsection (2)(b), with subsection (3),

he shall be guilty of an offence and liable on summary conviction to a fine not exceeding[F1 level 1 on the standard scale], unless he proves that he had reasonable grounds to believe, and did believe, that a competent and reliable person was charged with the duty of seeing that the relevant provision was complied with and was in a position to discharge that duty.

F2(7). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2(8). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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