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BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 78

Revenue and appropriation account and balance sheet.

78.(1) Every balance sheet of a building society shall give a true and fair
view of the state of the affairs of the society as at the end of its
financial year; and every revenue and appropriation account of a
building society shall give a true and fair view of the income and expenditure
of the society for the financial year.

(2) The registrar shall have power, with the consent of the Ministry, to make
regulations as to the particulars to be included in, and the form of, a
building society's balance sheet and revenue and appropriation account; and
regulations under this section may require the inclusion in the balance sheet
and revenue and appropriation account of corresponding particulars for a
preceding financial year of the society.

(3) The requirements of regulations under subsection (2) shall be without
prejudice to the general requirements of subsection (1) or of any other
requirements of this Act.

(4) Subject to section 79, if, in relation to a balance sheet or revenue and
appropriation account laid before a building society at its annual general
meeting, a director of the society fails to take all reasonable steps to
secure compliance with the provisions of this section and of any regulations
made under this section, he shall, in respect of each offence, be liable on
summary conviction to a fine not exceeding two hundred pounds or to
imprisonment for a term not exceeding six months.

© 1967 Crown Copyright

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