40 Remuneration of qualified auditors.U.K.
(1)Regulations made by the [F1Chief Registrar with the consent of the] Treasury under section 10 of the M1Friendly and Industrial and Provident Societies Act 1968 may prescribe the maximum rates of remuneration to be paid by registered societies and branches for the audit of their accounts and balance sheets by qualified auditors [F2or for the making of a report for the purposes of section 30A(4)(a) or (5) or 39A(2)(a) or (b) above].
(2)No auditor [F3or reporting accountant] of a registered society or branch shall ask for, receive, or be entitled to receive, remuneration in excess of the rate prescribed in respect of his services by regulations made by virtue of this section.
[F4(3)For the purposes of regulations made by virtue of this section, section 10 of the Friendly and Industrial and Provident Societies Act 1968 shall be taken to extend to Northern Ireland.]
[F5(4)In this section, “reporting accountant” means a person appointed to make a report for the purposes of section 30A(4)(a) or (5) or 39A(2)(a) or (b) above]
Textual Amendments
F1Words in s. 40(1) omitted (17.8.2001 for certain purposes and otherwiseprosp.) by virtue of S.I. 2001/2617, arts. 2, 8, 13(1), Sch. 3 Pt. I para. 17 (with art. 13(3), Sch. 5)
F2Words in s. 40(1) inserted (1.9.1996) by S.I. 1996/1738 art. 11(6)
F3Words in s. 40(2) inserted (1.9.1996) by S.I. 1996/1738, art. 11(7)
F4S. 40(3) added (1.1.1994) by Friendly Societies Act 1992 (c. 40), s. 95, Sch. 16 para. 14 (with ss. 7(5) and 93(4)); S.I. 1993/3226, art. 2, Sch. 2.
F5S. 40(4) inserted (1.9.1996) by S.I. 1996/1738 art. 11(8)
Modifications etc. (not altering text)
C1By Friendly Societies Act 1992 (c. 40), s. 95, Sch. 16 para. 12 (with ss. 7(5) and 93(4)); S.I. 1993/2213, art. 2, Sch. 6 (1.1.1994) it is provided that ss. 29-45 shall cease to have effect in relation to registered friendly societies and registered branches of such societies.
Marginal Citations