SCHEDULES
SCHEDULE 14 Auditors: Appointment, Tenure, Qualifications and Remuneration
Resignation of auditors
I112
1
An auditor of a friendly society or registered branch may resign his office by depositing a notice in writing to that effect at the society’s registered office.
2
The notice is not effective unless it is accompanied by the statement required by paragraph 14 below.
3
An effective notice of resignation operates to bring the auditor’s term of office to an end as of the date on which the notice is deposited or on such later date as may be specified in it.
4
The society or branch shall within 14 days of the deposit of a notice of resignation send a copy of the notice to the F1FCA and, if the society is a PRA-authorised person, the PRA.
5
If default is made in complying with sub-paragraph (4) above, the society or branch is guilty of an offence and liable—
a
on conviction on indictment, to a fine; and
b
on summary conviction, to a fine not exceeding the statutory maximum and in the case of a continuing offence, to an additional fine not exceeding F2one-tenth of the statutory maximumF2one-tenth of the greater of £5,000 or the amount corresponding to level 4 on the standard scale for summary offences for every day during which the offence continues.