Change 1 Article Choose an article Title and introductory text 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Societies which may be registered. 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Special provisions as to dividing societies and societies assuring annuities. 10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Additional requirements for registration of societies with branches. 12 Establishment of new branches. 13 Registration of branches as societies. 14 Name of seceding or expelled branch. 15A Acknowledgement of registration and rules of new branch. 16 Appeals from refusal to register. 17 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Registration of amendments of rules of society or branch. 19 Acknowledgment of registration of amendments of rules. 20 Appeals from refusal to register amendment of rule. 21 Duty to supply copies of rules. 22 Rules of certain registered societies to bind members at law. 23 Special provisions which may be included in rules. 24 Trustees of registered societies and branches. 25 Minors not to hold office. 26 Proof of appointment of officers and trustees. 27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 Books of account, etc. 30 General provisions as to accounts and balance sheets. 30A Publication of accounts and balance sheets. 31 Obligation to appoint auditors. 32 Audit of exempt societies and branches. 32A Power of societies to disapply section 31. 33 Re-appointment and removal of auditors. 34 Notice of resolutions relating to appointment and removal of auditors. 35 Proceedings subsequent to receipt of notice under s. 34. 36 Qualified auditors. 37 Restrictions on appointment of auditors. 38 Auditors’ report. 39 Auditors’ right of access to books and to attend and be heard at meetings. 39A Duty to obtain accountant’s report where section 31 disapplied. 39B Rights of person appointed under section 39A(2). 39C Power of appropriate authority to require accounts of past years to be audited. 40 Remuneration of qualified auditors. 41 Valuations. 42 Regulations and directions . . . relating to valuations. 43 Annual return. 44 Copies of annual return to be supplied on demand. 45 Copies of balance sheet and valuation to be displayed. 46 Investment of funds. 47 Power to set up funds for purchase of Government securities on behalf of members. 48 Loans to assured members. 49 Loans out of separate loan fund. 50 Loans of surplus funds to registered society or branch of different description. 51 Power of friendly society to invest in housing association. 52 Charitable subscriptions and contributions to other registered societies. 53 Holding of land. 54 Vesting of property in trustees. 55 Power of the Public Trustee to hold securities of certain friendly societies and branches. 56 Legal proceedings concerning property. 57 Discharge of certain mortgages. 57A Discharge of certain mortgages in Northern Ireland. 58 Devolution of property on death, resignation or removal of trustee. 59 Priority on death, bankruptcy, etc., of officer. 60 Membership of minors. 61 Members’ subscriptions not generally recoverable at law. 62 Inspection of books by members. 63 Accumulation of member’s surplus contributions. 63A Register of members of registered friendly societies. 64 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65A Group insurance business. 65B Terms on which benefits are provided by friendly societies. 66 Power of member to nominate person to receive sums payable on his death. 67 Payment on death of a nominator. 68 Devolution of sums due where no nomination. 69 Validity of payments. 70 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76 Decision of disputes generally. 77 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78 Statement of case and discovery, etc., of documents. 79 Reference of disputes to court otherwise than under rules. 80 Disputes arising out of loans of surplus funds to societies of different description. 81 Power to change name. 82 Amalgamation and transfer of engagements. 83 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84 Conversion of registered societies into companies. 84A Conversion of registered societies into industrial and provident societies. 85 Conversion of society into branch. 86 Meaning and registration of special resolutions. 87 Power of FCA and of PRA to apply for winding-up of registered friendly societies and branches. 88 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90 Appointment of inspectors and calling of special meetings. 91 Cancellation and suspension of registration. 92 Appeals against cancellation and suspension of registration. 93 Dissolution of societies and branches. 94 Instrument of dissolution. 95 Dissolution by award. 95A Dissolution of registered friendly societies and branches by award. 96 Finality of awards for dissolution or distribution of funds. 97 Notice of proceedings or order to set aside dissolution. 98 Offences. 99 Punishment of fraud, etc. and recovery of property misapplied. 100 Falsification of balance sheets, etc. 101 Prosecution of offences, recovery of costs or expenses. 102 Jurisdiction of magistrates' courts in Northern Ireland 103 Legal proceedings concerning registered societies, etc. 104 Fees. 104A Fees for inspection or copying of documents. 105 Exemptions from stamp duty. 105A Exemption from stamp duty land tax 106 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107 Provision as to information supplied for purposes of national insurance and social security. 108 Protection for members of registered societies joining the forces. 109 Regulations. 110 Evidence and deposit of documents. 111 Interpretation. 112 Isle of Man. 113 Channel Islands. 114 Payments to legal representative in Channel Islands and Isle of Man. 115 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116 Amendments, transitory provisions and repeals. 117 Short title, commencement and extent. SCHEDULE 1 SCHEDULE 2 Matters to be provided for by the Rules of Societies registered under this Act [SCHEDULE 3 SCHEDULE 4 Form of Receipt to be Endorsed on Mortgage or Further Charge [SCHEDULE 5] Schedule 6 Provisions Applicable Where Person Assured is Resident Outside the United Kingdom and Isle of Man SCHEDULE 6A CONVERSION OF REGISTERED SOCIETIES INTO INDUSTRIAL AND PROVIDENT SOCIETIES: SUPPLEMENTARY SCHEDULE 7 Provisions of Section 107 of this Act to have effect until Coming Into Force of Certain Provisions of the Social Security Act 1973 SCHEDULE 8 SCHEDULE 9 AMENDMENTS OF OTHER ENACTMENTS SCHEDULE 10 Transitory Provisions and Savings SCHEDULE 11 ENACTMENTS REPEALED
What to do with it
As published
45 Copies of balance sheet and valuation to be displayed.
Every registered society and branch shall keep always hung up in a conspicuous place at the registered office of the society or branch—
(a) a copy of the last annual balance sheet . . .; and
(b) a copy of the last report under section 41 above on the condition of the society or branch or, where a report or reports are required under that section in respect of a particular business or particular businesses conducted by the society or branch, a copy of the last report under that section in respect of that business or in respect of each of those businesses, as the case may require.
Your wording
Your change, as a redline
45 Copies of balance sheet and valuation to be displayed.
Every registered society and branch shall keep always hung up in a conspicuous place at the registered office of the society or branch—
(a) a copy of the last annual balance sheet . . .; and
(b) a copy of the last report under section 41 above on the condition of the society or branch or, where a report or reports are required under that section in respect of a particular business or particular businesses conducted by the society or branch, a copy of the last report under that section in respect of that business or in respect of each of those businesses, as the case may require.
A proposal here is not law. Support on Solon is evidence that people want the change; the official route says what it takes to make it law.