FRIENDLY SOCIETIES ACT (NORTHERN IRELAND) 1970 - SECT 23 General provisions as to accounts and balance sheets.

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FRIENDLY SOCIETIES ACT (NORTHERN IRELAND) 1970 - SECT 23

General provisions as to accounts and balance sheets.

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

(a)if it deals with the affairs of the society or branch as a whole, of the
income and expenditure of the society or branch for the period to which the
account relates; and

(b)if it deals with a particular business conducted by the society or branch,
of the income and expenditure of the society or branch in respect of that
business for the period to which the account relates.

(2) Every registered society and branch 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 or branch as
a whole for that year; or

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

(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 a society or branch, the revenue accounts in
question, when considered together, shall give a true and fair view of the
income and expenditure of the society or branch as a whole for the
year of account to which they relate.

(4) Subject to subsection (5), every balance sheet of a
registered society or branch shall give a true and fair view, as at the date
of the balance sheet, of the state of the affairs of the society or branch.

(5) Subsection (4) does not apply in the case of

(a)a registered friendly society or a branch thereof, or

(b)a specially authorised society which, by virtue of a direction in the
authority for registering that society, is required to carry out a valuation
under section 34,

(6) A registered society or branch 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 or branch; and

(b)it incorporates a report by the auditor or auditors stating whether, in
their opinion, it complies with subsection (1), subsection (4) or, as the case
may require, subsection (5); and

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

(7) Without prejudice to subsection (6), a registered society or branch
falling within paragraph (a) or paragraph (b) of subsection (5) shall not
publish any balance sheet which does not include a statement containing the
same particulars as the statement required to be included in the annual return
of that society or branch by section 36(5).

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

(a)with subsection (1), subsection (4) or, as the case may require, subsection
(5), or

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

(9) In the case of a society or branch 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 or branch for a period ending before
the last day of the year of account in respect of which the provisions of
section 24(1) or (5) (as the case may be) first apply to that society or
branch; and

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

(10) Subsection (9) applies in the case of any society or branch which is
registered under the Act of 1896 at the date of the passing of this Act, or
which is first registered under this Act before 1st January 1971.

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Northern Irish Legislation

FRIENDLY SOCIETIES ACT (NORTHERN IRELAND) 1970 - SECT 23