PART 3Other modifications of Friendly Societies Act provisions relating to accounts
Contents of the committee of management’s annual report3
1
Section 71 of the 1992 Act (report on a friendly society’s affairs by the committee of management) is amended as follows.
2
In subsection (1) for paragraph (a) substitute—
a
a fair review of the business of the society, its subsidiary undertakings and bodies that it jointly controls (if any) complying with section 71A;
aa
a description of the principal risks and uncertainties facing the society, its subsidiary undertakings and bodies that it jointly controls (if any);
3
After subsection (1) insert –
1A
If the friendly 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)(b).