Transitional provisions
4.—(1) Notwithstanding the commencement of section 70 of the 1992 Act(1), instead of being required to give a true and fair view of the state of affairs of a friendly society or registered branch at the end of the financial year, the balance sheet of:
(a)a friendly society or registered branch, in respect of the financial year ending 31st December 1994;
(b)a friendly society to which section 47 of the 1992 Act applies, in respect of the financial year ending 31st December 1995 and any subsequent financial year prior to the year ending 31st December 1998 in which it is not required under section 47 to cause an investigation to be made by the appropriate actuary into the financial condition of the friendly society in respect of its insurance business; or
(c)a registered branch, in respect of a financial year prior to the year ending 31st December 1998,
may give a true and fair view of the assets and current liabilities of the friendly society or registered branch and the resulting balances of its funds as at the end of the financial year to which the balance sheet relates.
(2) Where the balance sheet of a friendly society or registered branch is prepared in accordance with paragraph (1) above, the auditor’s report required under section 73 of the 1992 Act(2), notwithstanding paragraph (b) of subsection (5) of that section, shall state whether in the auditor’s opinion the balance sheet gives a true and fair view of the assets and current liabilities of the friendly society or registered branch and the resulting balances of its funds as at the end of the financial year.
Section 70 came into force in relation to incorporated friendly societies on 13th January 1993 under S.I. 1993/16 (C.1) and for all other purposes on 1st January 1994 under S.I. 1993/2213 (C.43).
Section 73 came into force in relation to incorporated friendly societies on 13th January 1993 under S.I. 1993/16 (C.1) and for all other purposes on 1st January 1994 under S.I. 1993/2213 (C.43).