The Building Societies Act 1986 (International Accounting Standards and Other Accounting Amendments) Order 2004

Duty to prepare directors' report U.K.

3.—(1) Section 75 of the 1986 Act (directors' report) is amended as follows.

(2) In subsection (1) for paragraph (a) substitute—

“(a) a fair review of the business of the society and its connected undertakings (if any), complying with section 75A,

(aa) a description of the principal risks and uncertainties facing the society and its connected undertakings (if any),”

(3) After subsection (1A)(1) insert–

“(1B) If the building society has subsidiary undertakings, the report may, where appropriate, give greater emphasis to those matters which are significant to the society and its subsidiary undertakings taken as a whole.”.

(4) Omit subsection (2).

Commencement Information

I1 Art. 3 in force at 22.12.2004, see art. 1(2)

(1)

Inserted by the Building Societies Act 1997, section 43, Schedule 7, paragraph 32(2).