Co-operative and Community Benefit Societies Act 2014
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Change 1
As published
78 Year of account: societies registered on or before 7 January 2012
(1) This section applies to a registered society to which section 77 (year of account: societies registered on or after 8 January 2012) does not apply.
(2) A year of account—
(a) begins immediately after the end of the previous year of account, and
(b) ends with—
(i) the date of the last balance sheet published by the society in the relevant period, or
(ii) if no balance sheet is published in that period, the 31 December in that period.
(3) The “relevant period”—
(a) begins with the 31 August following the beginning of the year of account, and
(b) ends with the following 31 January.
(4) The society may by notice to the FCA alter the date on which its current and subsequent years of account end to a date other than that provided for by subsection (2)(b).
(5) A notice under subsection (4) must state whether it extends or shortens the current year of account.
(6) A notice extending the current year of account has no effect if—
(a) it is given less than 5 years after the end of a year of account that was extended under this section, or
(b) it would extend the year of account so that it would exceed 18 months.
(7) If the society is dissolved by an instrument of dissolution under section 119, its last year of account ends with the date of the instrument of dissolution.
Your change, as a redline
78 Year of account: societies registered on or before 7 January 2012
(1) This section applies to a registered society to which section 77 (year of account: societies registered on or after 8 January 2012) does not apply.
(2) A year of account—
(a) begins immediately after the end of the previous year of account, and
(b) ends with—
(i) the date of the last balance sheet published by the society in the relevant period, or
(ii) if no balance sheet is published in that period, the 31 December in that period.
(3) The “relevant period”—
(a) begins with the 31 August following the beginning of the year of account, and
(b) ends with the following 31 January.
(4) The society may by notice to the FCA alter the date on which its current and subsequent years of account end to a date other than that provided for by subsection (2)(b).
(5) A notice under subsection (4) must state whether it extends or shortens the current year of account.
(6) A notice extending the current year of account has no effect if—
(a) it is given less than 5 years after the end of a year of account that was extended under this section, or
(b) it would extend the year of account so that it would exceed 18 months.
(7) If the society is dissolved by an instrument of dissolution under section 119, its last year of account ends with the date of the instrument of dissolution.
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