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Payments made to director.
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44.—(1) The accounts of a society shall show the aggregate amount of the directors' emoluments, of directors' or former directors' pensions and of any compensation to directors or former directors for loss of office.
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(2) Emoluments shown under this section shall—
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(a) include any amounts paid to or receivable by any person in respect of his services as a director of a society or in respect of his services while director of a society in connection with the management of the society's affairs,
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(b) distinguish between emoluments in respect of services as director and other emoluments, and
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(c) include fees and percentages, sums paid by way of expenses allowance in so far as those sums are charged to income tax, any contribution paid by the society in respect of him under any pension scheme and the estimated money value of any other benefits received other than in cash, in so far as they are charged to income tax.
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(3) Pensions shown under this section shall—
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(a) not include any pension paid or receivable under a pension scheme if the contributions under the scheme are substantially adequate for its maintenance, but otherwise shall include any pension paid or receivable in respect of such services of a director or former director of the society as are mentioned in subsection (2), whether to or by him or, on his nomination or by virtue of dependence on or other connection with him, to or by any person, and
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(b) distinguish between pensions in respect of services as director and other pensions.
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(4) Compensation for loss of office shown under this section shall—
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(a) include any sums paid to or receivable by a director or former director by way of compensation for loss of office as director of the society or for the loss while director of the society or on or in connection with his ceasing to be a director of the society of any other office in connection with the management of the society's affairs,
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(b) distinguish between compensation in respect of the office of director and compensation in respect of other offices, and
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(c) include sums paid as consideration for or in connection with a person's retirement from office.
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(5) The amounts shown under this section for any financial year shall be the sums receivable in respect of that year whenever paid or, in the case of sums not receivable in respect of a period, the sums paid during that year, in such a manner that where any sums paid by way of expenses allowance are charged to income tax after the end of the relevant financial year, those sums shall to the extent to which they are so charged be shown separately in the first accounts in which it is practicable to show them.
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(6) Where necessary for the making of any distinction required by this section in any account to be shown thereunder, the directors may apportion any payment between the matters in respect of which they have been paid or are receivable in such manner as they think appropriate.
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(7) Where the requirements of this section are not complied with it shall be the duty of the auditor by whom the relevant accounts are examined to include in his report on those accounts, so far as he is reasonably able to do so, a statement giving the required particulars.
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(8) In this section—
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“pension” includes any superannuation allowance, superannuation gratuity or similar payment;
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“pension scheme” means a scheme for the provision of pensions in respect of services as a director or otherwise which is maintained in whole or in part by means of contributions;
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“contribution”, in relation to a pension scheme, means any payment (including an insurance premium) paid for the purposes of the scheme by or in respect of persons rendering services in respect of which pensions will or may become payable under the scheme, but does not include any payment in respect of two or more persons if the amount paid in respect of each of them is not ascertainable.
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