SCHEDULES
C1 SCHEDULE 11F1 Auditors: Appointment, Tenure...
Sch. 11 excluded by S.I. 1986/2168, art. 12(a)
F2Duty of auditor to notify appropriate audit authority
Sch. 11 paras. 8A-8C and cross-headings inserted (29.6.2008) by The Building Societies Act 1986 (Accounts, Audit and EEA State Amendments) Order 2008 (S.I. 2008/1519), arts. 1(2), 6(2)
8A
1
Where an auditor of a building society ceases for any reason to hold office, he must notify the appropriate audit authority.
2
The notice must—
a
inform the appropriate audit authority that he has ceased to hold office, and
b
if the auditor resigns, be accompanied by a copy of the auditor’s notice of resignation.
3
The notice required by this paragraph must also be accompanied by a statement of the reasons for his ceasing to hold office unless—
a
the auditor resigns, and
b
the notice of resignation contains a statement under paragraph 7(2)(b).
4
The auditor must comply with this paragraph—
a
if the auditor resigns, at the same time as he deposits his notice of resignation at the principal office of the building society;
b
in any other case, not later than the end of the period of fourteen days beginning with the date on which he ceases to hold office.
5
A person ceasing to hold office as auditor who fails to comply with this paragraph commits an offence.
6
If that person is a firm an offence is committed by—
a
the firm, and
b
every officer of the firm who is in default.
7
A person guilty of an offence under this paragraph is liable—
a
on conviction on indictment, to a fine;
b
on summary conviction, to a fine not exceeding the statutory maximum.
Words in Sch. 11 heading omitted (6.4.2008) by virtue of The Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), art. 2(2), Sch. 1 para. 14(a), Sch. 2 (with arts. 6, 11, 12)