Part XI Miscellaneous and Supplementary and Conveyancing Services
Miscellaneous and supplementary
117AF1Alteration of financial year
1
A building society may by notice given to the FCA specify a new year-end date.
2
A notice given under subsection (1) has effect in relation to—
a
the financial year in which the notice is given (“the current financial year”), and
b
subsequent financial years.
3
The notice must state whether the current financial year—
a
is to be shortened, so as to come to an end on the first occasion on which the new year-end date falls or fell after the beginning of the current financial year, or
b
is to be extended, so as to come to an end on the second occasion on which that date falls or fell after the beginning of the current financial year.
4
A notice extending a building society's financial year is not effective if given less than 5 years after the end of an earlier financial year of the society that was extended under this section.
5
A financial year of a building society may not be extended so as to exceed 18 months and a notice under subsection (1) is ineffective if the current financial year as extended in accordance with the notice would exceed that limit.