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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