BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 89 Duty to make annual return.

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BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 89

Duty to make annual return.

89.(1) Every annual return of a building society shall contain particulars
showing

(a)the amount of any special advances made by the society during
the relevant financial year

(i)to any director or the manager or secretary of the society; or

(ii)to any person who, after the making of the advance became a director or
the manager or secretary of the society in that year; and

(b)the amount of any advances made by the society during
the relevant financial year

(i)to a company or other body corporate in which, when the advance was made,
or at any later time in the relevant financial year, a director or the manager
or secretary of the society held (either directly or through a nominee) shares
the nominal value of which exceeded two and a half per cent. of the total
paid-up share capital of the company or other body corporate; or

(ii)to a company or other body corporate of which, when the advance was made,
or at any later time in the relevant financial year, a director or the manager
or secretary of the society was a director, general manager, secretary or
other similar officer;

(b)and also, in the case of an advance falling within sub-paragraph (i),
particulars of the officer's shareholding.

(2) It shall be the duty of any director and of the manager and the secretary
of a building society to give notice in writing to the society of such matters
relating to his employment by, or other interest in, any company or other body
corporate as may be necessary for the purposes of subsection (1); and, subject
to subsection (3), a person failing to comply with this subsection shall be
liable on summary conviction to a fine not exceeding two hundred pounds.

(3) In any proceedings against a person in respect of an offence under
subsection (2), it shall be a defence to prove that at the time of the alleged
offence he did not know that the building society had made the advance to the
body corporate in question, and that at that time reasonable arrangements were
in operation to bring to his notice any advance made by the society to any
body corporate.

(4) If the requirements of subsection (1) are not complied with, it shall be
the duty of the auditors of the building society to include in their report,
so far as they are reasonably able to do so, a statement giving the required
particulars.

(5) In this section "the relevant financial year", in relation to an
annual return of a building society, means the society's financial year to
which the return relates.

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Northern Irish Legislation

BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 89