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Directors' report.
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78.—(1) The directors of a building society shall prepare in respect of each financial year of the society a report on the society's business containing—
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(a) a fair review of the development of its business during the financial year and of its position at the end of it, and
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(b) such information relating to such aspects of the business, including its future development, of the society and any subsidiaries or other bodies associated with it as the Central Bank may specify.
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(2) The directors' report shall be signed by 2 directors (other than the chief executive) on behalf of the board of directors of the society.
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(3) Where the society has subsidiaries or other associated bodies the report shall, in addition to containing any information required in relation to them under subsection (1) (b), review the development of the business of the society and its subsidiaries and other associated bodies during the financial year and their position at the end of it.
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(4) (a) Where a director of the society fails to take all reasonable steps to comply with the requirements of this section he shall be guilty of an offence.
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(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 and did believe 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.
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