Part VIII

Accounts and Audit

Procedure on completion of accounts

Signing of balance sheet: documents to be annexed.
80
1
Every balance sheet of a building society shall be signed by one director on behalf of the board of directors ....
2
The income and expenditure account, . . . and the annual business statement shall be annexed to the balance sheet, and so shall any group accounts; and the auditor’s report shall be attached to it.
3
The income and expenditure account, . . . and the annual business statement shall be approved by the board of directors before the balance sheet is signed on their behalf, and so shall any group accounts; and the date of their approval of those documents shall be endorsed on the balance sheet.
4
The directors’ report shall be attached to the balance sheet.
5
If a balance sheet has not been signed as required by subsection (1) above, and a copy of it is issued, circulated or published, the building society shall be liable on summary conviction to a fine not exceeding level 3 on the standard scale and so shall any officer who is also guilty of the offence.
6
If any copy of a balance sheet is issued, circulated or published—
a
without having annexed to it a copy of the income and expenditure account, or
b. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
c
without having annexed to it a copy of the annual business statement, or
d
without having attached to it a copy of the auditor’s report, or
e
without having attached to it a copy of the directors’ report,
the building society shall be liable on summary conviction to a fine not exceeding level 3 on the standard scale and so shall any officer who is also guilty of the offence.
Words in s. 80(2) omitted (23.3.1999) by virtue of S.I. 1999/248, reg. 3, Sch. para. 5(1)
Words in s. 80(3) omitted (23.3.1999) by virtue of S.I. 1999/248, reg. 3, Sch. para. 5(2)
S. 80(6)(b) omitted (23.3.1999) by virtue of S.I. 1999/248, reg. 3, Sch. para. 5(3)
Pt. VIII (ss. 71–82) excluded by S.I. 1986/2168, art. 12(1)(a)
Pt. VIII (ss. 71–82) modified (temp.until 1.1.1993) by S.I. 1990/1392, art. 6(3)
Words in s. 80(6)(d) substituted (29.6.2008) by The Building Societies Act 1986 (Accounts, Audit and EEA State Amendments) Order 2008 (S.I. 2008/1519), art. 1(2), Sch. 2 para. 6
Words in s. 80(1) substituted (6.1.2025) by The Building Societies Act 1986 (Modifications) Order 2024 (S.I. 2024/1346), arts. 1(2), 2(4)(a)
Words in s. 80(1) omitted (6.1.2025) by virtue of The Building Societies Act 1986 (Modifications) Order 2024 (S.I. 2024/1346), arts. 1(2), 2(4)(b)