INDUSTRIAL AND PROVIDENT SOCIETIES ACT (NORTHERN IRELAND) 1969 - SECT 37 General provisions as to accounts and balance sheets of registered societies.

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INDUSTRIAL AND PROVIDENT SOCIETIES ACT (NORTHERN IRELAND) 1969 - SECT 37

General provisions as to accounts and balance sheets of registered societies.

37.(1) Every revenue account of a registered society shall give a true and
fair view

(a)if it deals with the affairs of the society as a whole, of the income and
expenditure of the society as a whole, or

(b)if it deals with a particular business conducted by the society, of the
income and expenditure of the society in respect of that business,

(2) Every registered society shall, in respect of each year of account, cause
to be prepared either

(a)a revenue account which deals with the affairs of the society as a whole
for that year, or

(b)two or more revenue accounts for that year which deal separately with
particular businesses conducted by the society.

(3) In a case falling within subsection (2)(b), without prejudice to the
application of subsection (1)(b) to each revenue account dealing with a
particular business conducted by the society, the revenue accounts in
question, when considered together, shall give a true and fair view of the
income and expenditure of the society as a whole for the year of account to
which they relate.

(4) Every balance sheet of a registered society shall give a true and fair
view of the state of the affairs of the society as at the date of the balance
sheet.

(5) A registered society shall not publish any revenue account or balance
sheet unless

(a)it has been previously audited by the auditor or auditors last appointed to
audit the accounts and balance sheet of the society,

(b)it incorporates a report by the auditor or auditors stating whether in
their opinion it complies with the provision of subsection (1) or subsection
(4) which is applicable in that case, and

(c)it has been signed by the secretary of the society and by two members of
the committee of the society acting on behalf of that committee.

(6) If in relation to any revenue account, revenue accounts or balance sheet
of a society a member of the committee of the society fails to take all
reasonable steps to secure compliance

(a)with the provision of subsection (1) or subsection (4) which is applicable
in that case, or

(b)in a case falling within subsection (2)(b), with subsection (3),

(7) In the case of a society to which this subsection applies, the preceding
provisions of this section shall not have effect in relation to

(a)any revenue account of that society for a period ending before the last day
of the year of account in respect of which the provisions of section 38(1) or
section 38(4) (as the case may be) first apply to that society; and

(b)any balance sheet of that society relating to its affairs as at a date
before that day.

(8) Subsection (7) applies in the case of any society which is registered
under the Act of 1893 at the date of the passing of this Act, or which is
first registered under this Act before 1st January 1970.

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Northern Irish Legislation

INDUSTRIAL AND PROVIDENT SOCIETIES ACT (NORTHERN IRELAND) 1969 - SECT 37