3.—(1) Section 71 of the 1992 Act (report on a friendly society’s affairs by the committee of management) is amended as follows.
(2) In subsection (1) for paragraph (a) substitute—
“(a)a fair review of the business of the society, its subsidiary undertakings and bodies that it jointly controls (if any) complying with section 71A;
(aa)a description of the principal risks and uncertainties facing the society, its subsidiary undertakings and bodies that it jointly controls (if any);”.
(3) After subsection (1) insert –
“(1A) If the friendly society has subsidiary undertakings, the report may, where appropriate, give greater emphasis to those matters which are significant to the society and its subsidiary undertakings taken as a whole.”.
(4) Omit subsection (2)(b).