Co-operative and Community Benefit Societies Act 2014
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Change 1
As published
66 Duty to account etc of receiver or manager of a society's property
(1) This section applies to a receiver or manager of a registered society's property who has been appointed under the powers contained in any instrument.
(2) The receiver or manager must—
(a) within one month from the date of appointment, notify the FCA of the appointment;
(b) within one month (or such longer period as the FCA may allow) after the end of each relevant period, deliver to the FCA a return showing receipts and payments in that relevant period;
(c) within one month after ceasing to act as receiver or manager, deliver to the FCA a return showing—
(i) receipts and payments in the final period, and
(ii) the total amount of payments and receipts in all preceding relevant periods.
References here to receipts and payments are to receipts and payments of the receiver or manager.
(3) For the purposes of subsection (2) the relevant periods are—
(a) the period of 6 months beginning with the date of appointment, and
(b) each subsequent period of 6 months for which the person is receiver or manager.
(4) If the society is a PRA-authorised person—
(a) the receiver or manager must send to the PRA a copy of any notification or return sent under subsection (2) to the FCA;
(b) the FCA must consult the PRA before allowing a period of more than one month under subsection (2)(b).
Your change, as a redline
66 Duty to account etc of receiver or manager of a society's property
(1) This section applies to a receiver or manager of a registered society's property who has been appointed under the powers contained in any instrument.
(2) The receiver or manager must—
(a) within one month from the date of appointment, notify the FCA of the appointment;
(b) within one month (or such longer period as the FCA may allow) after the end of each relevant period, deliver to the FCA a return showing receipts and payments in that relevant period;
(c) within one month after ceasing to act as receiver or manager, deliver to the FCA a return showing—
(i) receipts and payments in the final period, and
(ii) the total amount of payments and receipts in all preceding relevant periods.
References here to receipts and payments are to receipts and payments of the receiver or manager.
(3) For the purposes of subsection (2) the relevant periods are—
(a) the period of 6 months beginning with the date of appointment, and
(b) each subsequent period of 6 months for which the person is receiver or manager.
(4) If the society is a PRA-authorised person—
(a) the receiver or manager must send to the PRA a copy of any notification or return sent under subsection (2) to the FCA;
(b) the FCA must consult the PRA before allowing a period of more than one month under subsection (2)(b).
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