The Building Societies (Contents of Accounts) Regulations 1999

• Citation: S.I. 1999/248
• Sections: 18

Section 1 Citation and commencement

These Regulations may be cited as the Building Societies (Contents of Accounts) Regulations 1999 and shall come into force on 23rd March 1999.

Section 2 Interpretation

In these Regulations–

“the 1986 Act ” means the Building Societies Act 1986; and

“the 1998 Regulations ” means the Building Societies (Accounts and Related Provisions) Regulations 1998 .

Section 3 Amendments

The 1986 Act and the 1998 Regulations are amended as specified in the Schedule.

Section 4 Transitional provision

A building society shall prepare, with respect to a financial year which ends after the operative date of the 1998 Regulations for it under regulation 12(6) of those Regulations and before 23rd March 1999, the statement of the source and application of funds which it would have been required to prepare had these Regulations not been made.

Section 1 Building Societies Act 1986

The 1986 Act is amended as follows.

Section 2 Building Societies Act 1986

(1) In subsection (1) of section 72 (duty of directors to prepare annual accounts) immediately preceding paragraph (b) there is inserted the word “and” and paragraph (c) of that subsection and the word “and” immediately preceding it are omitted.

(2) In subsection (2) of that section for the words “, the state of the affairs and the source and application of the funds,” there are substituted the words “and the state of the affairs”.

(3) Subsection (4) of that section is hereby repealed.

Section 3 Building Societies Act 1986

(1) Subsection (4) of section 73 (contents and form of annual accounts) is hereby repealed.

(2) In subsection (5) of that section for “(2), (3) and (4)” there is substituted “(2) and (3)”.

(3) In subsection (9) of that section for “(2), (3) or (4)” there is substituted “(2) or (3)”.

Section 4 Building Societies Act 1986

In subsection (4) of section 78 (auditors' report) immediately preceding paragraph (b) there is inserted the word “and” and paragraph (c) of that subsection and the word “and” immediately preceding it are omitted.

Section 5 Building Societies Act 1986

(1) In subsection (2) of section 80 (signing of balance sheet: documents to be annexed) the words “, the statement of the source and application of the funds” are omitted.

(2) In subsection (3) of that section the words “, the statement of the source and application of the funds” are omitted.

(3) In subsection (6) of that section paragraph (b) is omitted.

Section 6 Building Societies (Accounts and Related Provisions) Regulations 1998

The 1998 Regulations are amended as follows.

Section 7 Building Societies (Accounts and Related Provisions) Regulations 1998

In the definition of “particular account” in regulation 2 for the words “, a balance sheet, or a statement of the source and application of funds” there are substituted the words “or a balance sheet”.

Section 8 Building Societies (Accounts and Related Provisions) Regulations 1998

(1) Immediately preceding paragraph (1)(b) of regulation 3 there is inserted the word “and” and paragraph (1)(c) of that regulation and the word “and” immediately preceding it are omitted.

(2) Immediately preceding paragraph (2)(b)(iv) of regulation 3 there is inserted the word “and” and paragraph (2)(b)(v) of that regulation and the word “and” immediately preceding it are omitted.

(3) In paragraph (5) of regulation 3 for “1, 2 or 3” there is substituted “1 or 2”.

(4) Immediately preceding paragraph (5)(a)(ii) of regulation 3 there is inserted the word “and” and paragraph (5)(a)(iii) of that regulation and the word “and” immediately preceding it are omitted.

(5) In paragraph (6) of regulation 3 for “1, 2 or 3” there is substituted “1 or 2”.

(6) In paragraph (7)(a) of regulation 3 for the words “, income and expenditure account and statement of the source and application of funds” there are substituted the words “and income and expenditure account”.

Section 9 Building Societies (Accounts and Related Provisions) Regulations 1998

(1) In paragraph (1) of regulation 4 the words “, the statement of the source and application of funds” are omitted.

(2) In paragraph (2) of regulation 4 for the words “, the balance sheet and the statement of the source and application of funds” there are substituted the words “and the balance sheet”.

(3) In paragraph (3) of regulation 4 for “(2), (3), and (4)” there is substituted “(2) and (3)”.

(4) In paragraph (12) of regulation 4 for “(2), (3) and (4)” there is substituted “(2) and (3)”.

Section 10 Building Societies (Accounts and Related Provisions) Regulations 1998

In paragraph (4) of regulation 12 after the word “made” there are inserted the words “subject only to the omission of the statement of the source and application of funds from the annual accounts for a financial year which ends after 22nd March 1999”.

Section 11 Building Societies (Accounts and Related Provisions) Regulations 1998

Schedule 3 is omitted.

Section 12 Building Societies (Accounts and Related Provisions) Regulations 1998

(1) In paragraph 1(1) of Schedule 4 for the words “, the consolidated balance sheet and the consolidated statement of the source and application of funds” there are substituted the words “and the consolidated balance sheet”.

(2) In paragraphs 2(3) and 5(4) of Schedule 4 for “(2), (3) and (4)” there is substituted “(2) and (3)”.

Section 13 Building Societies (Accounts and Related Provisions) Regulations 1998

(1) In paragraph 1(1) of Schedule 5 for the words “, the balance sheet and the statement of the source and application of funds” there are substituted the words “and the balance sheet”.

(2) In paragraph 2 of Schedule 5 for the words “, income and expenditure account or statement of source and application of funds” there are substituted the words “or income and expenditure account”.

Section 14 Building Societies (Accounts and Related Provisions) Regulations 1998

In paragraphs 3(3), 7(4), 11(3), 15(3), 18(3) and 20 of Schedule 6 for “(2), (3) and (4)” there is substituted “(2) and (3)”.