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Industrial and Provident Societies Act 1965 (repealed)

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Version Superseded: 01/04/2013

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[F139A.Year of account (existing registrations)E+W+S

(1)This section applies to a society registered under section 1 before the day on which this section comes into force.

(2)The year of account for a society to which this section applies begins with whichever is the later of—

(a)the date of the society’s registration, and

(b)the date to which the society’s last annual return was made up.

(3)Subject to subsections (5) and (6) the year of account for a society to which this section applies ends—

(a)with the date of the last balance sheet published by the society before the appropriate date; or

(b)if the date of that balance sheet is earlier than 31st August immediately preceding the appropriate date or later than 31st January of the year in which the appropriate date falls, with 31st December immediately preceding the appropriate date.

(4)For the purposes of subsection (3) “the appropriate date” is 31st March of the year in which an annual return is required by section 39 to be sent to the Authority or the date on which that return is so sent, whichever is the earlier.

(5)In the case of a society which is terminated by an instrument of dissolution under section 55(1)(b) of this Act the last year of account for that society ends with the date of the instrument of dissolution.

(6)A society to which this section applies may alter the date on which its current and subsequent years of account end to a date other than that specified in subsection (3)(a) or (b) by notice to the Authority.

(7)A notice under subsection (6) must state whether it extends or shortens the current year of account.

(8)A notice extending a society’s current year of account is not effective if—

(a)it is given less than 5 years after the end of an earlier year of account of the society that was extended under this section; or

(b)it extends that year of account such that it exceeds 18 months.]

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