FRIENDLY SOCIETIES ACT (NORTHERN IRELAND) 1970 - SECT 24 Obligation to appoint auditors.

	[Home] [Databases] [World Law] [Search] [Feedback]
	Northern Irish Legislation
You are here: BAILII >> Databases >> Northern Irish Legislation >> FRIENDLY SOCIETIES ACT (NORTHERN IRELAND) 1970

[Index] [Table] [Search] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

FRIENDLY SOCIETIES ACT (NORTHERN IRELAND) 1970 - SECT 24

Obligation to appoint auditors.

24.(1) Subject to the following provisions of this section, every registered
society and branch shall, in each year of account beginning on or after 1st
January 1971, appoint a qualified auditor or qualified auditors to audit its
accounts and balance sheet for that year.

(2) Except in the case of a collecting society, subsection (1) shall not apply
to a society or branch if

(a)the receipts and payments of that society or branch in respect of
the preceding year of account did not, when added together, exceed #5,000; and

(b)the number of its members at the end of that year did not exceed 500; and

(c)the value of its assets at the end of that year did not, in the aggregate,
exceed #5,000.

(3) Without prejudice to subsection (2), subsection (1) shall not apply to a
registered branch if

(a)the conditions specified in paragraphs (a) and (b) of subsection (2) are
satisfied in respect of that branch; and

(b)at the end of the preceding year of account at least 75 per cent. of its
assets had been transferred to the society of which it is a branch or to
another registered branch of that society for the purpose of being invested,
in accordance with section 39(2), by that society or other branch, and the
value of its assets not so transferred did not, in the aggregate, exceed
#5,000; and

(c)the society or branch to which the assets were transferred is one to which
subsection (1) applies in that year of account.

(4) A registered society or branch to which, by virtue of subsection (2) or
subsection (3), subsection (1) does not apply in respect of any
year of account is, in this Act, referred to as an exempt society or, as the
case may be, an exempt branch, in respect of that year of account.

(5) Regulations made by the registrar with the consent of the Ministry may

(a)substitute for any sum or number for the time being specified in subsection
(2), or for any sum or percentage for the time being specified in subsection
(3), such sum, number or percentage as may be specified in the regulations;
and

(b)prescribe what receipts and payments of a society shall be taken into
account for the purposes of those subsections.

[Index] [Table] [Search] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

BAILII: Copyright Policy | Disclaimers | Privacy Policy | Feedback
URL: http://www.bailii.org/nie/legis/num_act/fsai1970361/s24.html

Northern Irish Legislation

FRIENDLY SOCIETIES ACT (NORTHERN IRELAND) 1970 - SECT 24