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INDUSTRIAL AND PROVIDENT SOCIETIES ACT (NORTHERN IRELAND) 1969 - SECT 46

Exemption from requirements in respect of group accounts.

46.(1) Section 45 shall not require group accounts to be prepared by a
registered society where that society is at the end of its year of account the
wholly owned subsidiary of another body corporate incorporated in Northern
Ireland.

(2) The group accounts of a registered society prepared under that section
need not deal with a subsidiary of the society if in the opinion of the
committee of the society, approved by the registrar

(a)it is impracticable, or would be of no real value to members of the
society, in view of the insignificant amounts involved, or would involve
expense or delay out of proportion to the value to members of the society; or

(b)the result would be misleading, or harmful to the business of the society
or any of its subsidiaries; or

(c)the business of the society and that of the subsidiary are so different
that they cannot reasonably be treated as a single undertaking.

(3) If in respect of each subsidiary of a registered society the committee of
the society is of any such opinion as is mentioned in subsection (2) and that
opinion is approved by the registrar, then that society shall not be required
to cause group accounts to be prepared under section 45.

(4) For the purposes of this section a registered society shall be deemed to
be the wholly owned subsidiary of another body corporate if it has no members
except that other body corporate and the wholly owned subsidiaries of that
body and its or their nominees.

© 1969 Crown Copyright

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