PART IIREGISTERED SOCIETIES

Accounts, etc.

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

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 exceedingF1 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.

F27

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F28

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