Friendly Societies (Amendment) Act, 1977

Accounts of societies and audits thereof.

3.—(1) The Minister may by regulations—

(a) require registered societies and their branches to keep such accounts and records of such matters and in such form as may be specified in the regulations,

(b) make such provision in relation to the audit of the accounts of registered societies and their branches (including the time and frequency thereof) as he thinks appropriate,

(c) provide that a person shall not audit the accounts of a registered society or a branch thereof for the purposes of section 26 of the Principal Act unless he possesses the qualifications specified in the regulations,

(d) require the committees of management of registered societies to lay before the annual general meetings of the societies copies of such accounts kept pursuant to regulations under this section as may be specified in the regulations.

(2) Regulations under this section may make different requirements and provisions in relation to different classes of societies.

(3) Regulations under this section shall have effect notwithstanding any provision of the Acts.