Paragraph 8B F1

(1)

Where an auditor ceases to hold office before the end of his term of office, the building society must notify the appropriate audit authority.

(2)

The notice must—

(a)

inform the appropriate audit authority that the auditor has ceased to hold office, and

(b)

be accompanied by—

(i)

a statement by the society of the reasons for his ceasing to hold office, or

(ii)

if the auditor resigns, and his notice of resignation contains a statement under paragraph 7(2)(b), a copy of that statement.

(3)

The society must give notice under this paragraph—

(a)

if the auditor resigns, not later than the end of the period of fourteen days beginning with the date on which the auditor’s notice of resignation is deposited at the society’s principal office;

(b)

in any other case, not later than the end of the period of fourteen days beginning with the date on which the auditor ceases to hold office.

(4)

If a building society fails to comply with this paragraph, an offence is committed by—

(a)

the society, and

(b)

every officer of the society who is in default.

(5)

A person guilty of an offence under this paragraph is liable—

(a)

on conviction on indictment, to a fine, and

(b)

on summary conviction, to a fine not exceeding the statutory maximum.

Annotations

Textual amendments

F1: Sch. 11 paras. 8A-8C and cross-headings inserted (29.6.2008) by The Building Societies Act 1986 (Accounts, Audit and EEA State Amendments) Order 2008 (S.I. 2008/1519), arts. 1(2), 6(2)

Notes on Schedule 11

Textual amendments

F1: Words in Sch. 11 heading omitted (6.4.2008) by virtue of The Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), art. 2(2), Sch. 1 para. 14(a), Sch. 2 (with arts. 6, 11, 12)

Modifications

C1: Sch. 11 excluded by S.I. 1986/2168, art. 12(a)