Section 76 | Summary Financial Statement For Members And Depositors | Building Societies Act 1986 C53

76 Summary financial statement for members and depositors

Building Societies Act 1986 (1986 c 53) | Legislation

76 Summary financial statement for members and depositors

(1) The directors of a building society shall, with respect to each financial year, prepare for members and depositors a summary financial statement for that year, that is to say, a statement derived from the annual accounts, annual business statement and directors' report, giving a summary account of the society's financial development during and financial position at the end of the year.

(2) Where the society has [connected undertakings] the statement shall (so far as they are dealt with in the group accounts) give an account of the financial development and position of the society and its [connected undertakings].

(3) The [Treasury may by regulations] make provision with respect to—

(a) the form of the summary financial statement, and

(b) the information which must be included in it.

(4) Every summary financial statement shall also include in the prescribed form statements to the effect that—

(a) it is only a summary of information in the accounts, business statement and directors' report;

(b) in so far as it summarises the information in the accounts, those accounts have been audited;