BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 86 Provisions as to resolutions relating to appointment and removal of auditors.

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BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 86

Provisions as to resolutions relating to appointment and removal of auditors.

86.(1) Subject to subsection (2), no person shall be appointed as auditor of a
building society unless he is a member of one or more of the following bodies:

(a)the Institute of Chartered Accountants in Ireland;

(b)the Institute of Chartered Accountants in England and Wales;

(c)the Institute of Chartered Accountants of Scotland;

(d)the Association of Certified and Corporate Accountants;

(e)any other body of accountants [established in the United Kingdom and for
the time being recognised by the Ministry for the purposes of
section 155(1)(a) of the Companies Act (Northern Ireland) 1960] [for the time
being listed in Article 26(1)(a) of the Companies (Northern Ireland) Order
1978.]

(2) A person who was an auditor of a building society on 1st October 1964,
shall, notwithstanding that he is not for the time being a member of any of
the bodies referred to in subsection (1), be qualified for appointment or
re-appointment as an auditor of that society at any annual general meeting of
the society if, at the time of that meeting, he is authorised [under
section 155(1)(b) of the Companies Acts (Northern Ireland) 1960] [under
Article 26(1)(b) or (c) of the Companies (Northern Ireland) Order 1978], to be
appointed as auditor of a company.

(3) None of the following persons shall be appointed as auditor of a
building society

(a)an officer or servant of the society;

(b)a person who is a partner of or in the employment of, or who employs, an
officer or servant of the society;

(c)a body corporate.

References in this subsection to an officer or servant shall be construed as
not including an auditor.

(4) Subsections (1) and (3) shall have effect notwithstanding anything in the
rules of any building society.

(5) Nothing in this section shall prevent the appointment as auditor of a
building society of a Scottish firm if none of the partners of the firm is by
virtue of this section disqualified for appointment as auditor of the society.

(6) Any person who is appointed as auditor of a building society in
contravention of subsection (3), and acts under the appointment, shall be
liable on summary conviction to a fine not exceeding two hundred pounds.

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Northern Irish Legislation

BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 86