Commentary on Sections

Section 11: Year of account

Section 11 amends the provision relating to annual returns and calculation of societies’ year-end by inserting into the 1969 Act new sections 36A and 36B, which specify the year of account for societies but also allow societies to choose their own year-end date by notice to the appropriate authority. New section 36A applies to societies that were registered before section 11 comes into operation. New section 36B applies to societies registered thereafter.