Building Societies Act 1986

75 Directors' report

(1) The directors of a building society shall prepare for submission to the annual general meeting a report on the business of the society containing—

(a) a fair review of the development of its business during the financial year and of its position at the end of it, and

(b) such information relating to such aspects of the business of the society or of the society and any subsidiaries or other bodies associated with it as may be prescribed by regulations made by the Commission with the consent of the Treasury, and

(c) a statement whether any and, if so, what activities carried on during the year are believed to have been carried on outside the powers of the society.

(2) Where the society has subsidiaries or other associated bodies the report shall, in addition to containing the information prescribed in relation to them under subsection (1)(b) above, review the development of the business of the society and its subsidiaries and associated bodies during the year and their position at the end of it.

(3) The power to make regulations under subsection (1) above is exercisable by statutory instrument which shall be subject to annulment in pursuance of a resolution of either House of Parliament.

(4) If a directors' report does not contain the prescribed information or the information in the report is not given in accordance with the regulations, each director shall be liable on conviction on indictment or on summary conviction to a fine not exceeding, on summary conviction, the statutory maximum.