The Friendly Societies (Accounts and Related Provisions) Regulations 1994

4.—(1) Subject to subparagraphs (2) and (3), the committee of management annual report must state the following, with respect to each person who, at the end of the financial year, was member of the committee management of the society:

(a)whether or not he was at the end of that year interested in shares in, or debentures of, any jointly controlled body or subsidiary of the society;

(b)if he was so interested:

(i)the number and amount of shares in, and debentures of, each such body (specifying it) in which he was then interested;

(ii)whether or not he was, at the beginning of that year (or, if he was not then a member of the committee management, when he became one), interested in shares in, or debentures of, that or any other such body; and

(iii)if he was, the number and amount of shares in, and debentures of, each body (specifying it) in which he was interested at the beginning of the financial year or (as the case may be) when he became a member of the committee of management.

(2) The particulars required by subparagraph (1) may be given by way of notes to the society’s annual accounts in respect of the financial year, instead of being stated in the committee of management’s annual report.

(3) Particulars required by subparagraph (1) are not required to be given in respect of committee members' nominee shareholdings, held on behalf of the society.

(4) Any changes in the details disclosed under subparagraph (1) between the end of the year and the relevant date must be disclosed in the committee of management’s annual report and any such change after that date may be so disclosed.

(5) For the purposes of subparagraph (4) “the relevant date” is:

(a)the date one month prior to the date of the notice of the society’s annual general meeting; or

(b)if earlier, the date on which approval, under section 76 of the Act of components of the annual accounts is completed.