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INDUSTRIAL AND PROVIDENT SOCIETIES ACT (NORTHERN IRELAND) 1969 - SECT 45

Group accounts.

45.(1) Subject to the provisions of section 46, where at the end of a
year of account of a registered society beginning on or after 1st January 1970
the society has subsidiaries, it shall cause to be prepared accounts for that
year (in this Act referred to as "group accounts") dealing as mentioned in the
following provisions of this section with the state of affairs and income and
expenditure of the society and its subsidiaries.

(2) The group accounts of a registered society shall give a true and fair view
of the state of affairs and income and expenditure of the society and the
subsidiaries dealt with thereby as a whole, so far as concerns members of the
society.

(3) Without prejudice to the provisions of subsection (2), the group accounts
shall comprise such accounts and contain such particulars as the registrar
may, with the consent of the Ministry, prescribe.

(4) Where the year of account of a subsidiary does not coincide with that of
the society of which it is a subsidiary, the group accounts shall, unless the
registrar on the application or with the consent of the committee of the
society otherwise directs, deal with the subsidiary's state of affairs as at
the end of its year of account ending with or last before that of the society,
and with the subsidiary's income and expenditure for that year of account.

(5) A registered society which has caused group accounts to be prepared in
accordance with subsection (1) shall submit those accounts for audit to the
auditors appointed to audit the accounts and balance sheet of the society for
that year of account; and those auditors shall make a report to the society on
the group accounts, stating whether those accounts have been properly prepared
in accordance with the requirements of this Act and regulations made
thereunder and whether in their opinion they give a true and fair view of the
state of affairs and income and expenditure of the society and its
subsidiaries in accordance with subsection (2).

(6) A registered society shall send its group accounts and a copy of the
report of the auditors under subsection (5) to the registrar together with its
annual return for the year of account to which those group accounts relate.

(7) The latest group accounts of a registered society shall be supplied free
of charge, together with the latest annual return of the society, to every
member or person interested in the funds of the society who applies under
section 48(6) for a copy of the latest annual return.

© 1969 Crown Copyright

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