|
|
Annual accounts.
|
60.—(1) The directors of a society shall cause to be laid before the annual general meeting of the society an income and expenditure account for the period, in the case of the first account, since the incorporation of the society and, in any other case, since the preceding account, made up in every case to the end of the preceding financial year.
|
|
| |
(2) The directors of a society shall cause to be prepared and laid before the annual general meeting of the society a balance sheet as at the end of the preceding financial year.
|
|
| |
(3) Every income and expenditure account of a society shall give a true and fair view of the income and expenditure of the society for the relevant period, and every balance sheet shall give a true and fair view of the state of affairs of the society as at the end of the relevant period.
|
|
| |
(4) (a) Where a director of a society fails to take all reasonable steps to secure compliance with this section, he shall in respect of such failure be guilty of an offence and shall be liable on conviction on indictment to a fine not exceeding £300.
|
|
| |
(b) In any proceedings against a person in respect of an offence under this section, it shall be a defence to prove that he had reasonable grounds for believing that a competent and reliable person was charged with the duty of seeing that this section was complied with and was in a position to discharge that duty.
|
