Paragraph 1

—

(1)

Where a society, at the end of its financial year, has any associated body which is carrying on business at the end of that financial year, there shall be stated by way of note on the society’s balance sheet as at the end of that financial year the following particulars of the associated body:—

(a)

whether it is a subsidiary, an associated body linked by resolution, or another associated body of the society;

(b)

its name;

(c)

how it is constituted;

(d)

its place of registration;

(e)

where it is a company limited by shares, the particulars of each class of its shares held, and the proportion of the nominal value of the allotted shares of that class represented by the shares held, by the society;

(f)

the nature of the business carried on by it; and

(g)

whether it is a direct or indirect associated body of the society.

(2)

For the purposes of this paragraph an associated body of a society is a direct associated body of the society if it is one—

(a)

in which the society holds shares or corresponding membership rights, or

(b)

to which the society is linked by resolution,

and is otherwise an indirect associated body of the society.