C3C4Part VIII Accounts and Audit
Pt. VIII (ss. 71–82) modified (temp.until 1.1.1993) by S.I. 1990/1392, art. 6(3)
Accounting records F9. . .
Words in s. 71 cross-heading omitted (17.8.2001 for certain purposes) and repealed (1.12.2001) by S.I. 2001/2617, arts. 2(a)(b), 8, 13(1)(2), Sch. 3 para. 163(a), Sch. 4 (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2(1)
C171 Accounting records F1. . .
C21
Every building society shall—
a
cause accounting records to be kept, F2...
F2b
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in accordance with this section.
C22
The accounting records of a society must be such as to—
a
explain its transactions;
b
disclose, with reasonable accuracy and promptness, the state of the business of the society at any time;
c
enable the directors properly to discharge the duties imposed on them by or under this Act F10(and, where applicable Article 4 of the IAS Regulation) and their functions of direction of the affairs of the society; and
d
enable the society properly to discharge the duties imposed on it by or under this Act F10(and, where applicable Article 4 of the IAS Regulation);
and must be kept in an orderly manner.
C23
The accounting records shall in particular contain—
a
entries from day to day of all sums received and paid by the society and the matters in respect of which they are received or paid;
b
entries from day to day of every transaction entered into by the society which will or there is reasonable ground for expecting may give rise to liabilities or assets of the society other than insignificant assets or liabilities in respect of the management of the society; and
c
a record of the assets and liabilities of the society and in particular of assets and liabilities of any class specifically regulated by or under F3section 6 or 7.
F44
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F45
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F46
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F47
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C28
The accounting records shall be kept at the society’s principal office or at such other place or places as the directors think fit, and shall at all times be open to inspection by the directors.
C29
Accounting records shall be preserved for six years from the date on which they were made.
C210
Where a building society has F5connected undertakings, the society shall also secure that such accounting records are kept F6. . . by the society and the F5connected undertakings as will enable the society to comply with the requirements of this section in relation to the business of the society and those F5connected undertakings.
F710A
The Commission may, for the purpose of implementing the Council Directive on the supervision of credit institutions on a consolidated basis (No.92/30/EEC), direct that subsection (10) above shall have effect in relation to any building society specified in the direction as if any associated body of the society so specified were linked to it by resolution.
F811
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Pt. VIII (ss. 71–82) excluded by S.I. 1986/2168, art. 12(1)(a)