Section 80 Signing of balance sheet: documents to be annexed.

United Kingdom

(1)

Every balance sheet of a building society shall be signed by F1one director on behalf of the board of directors F2....

(2)

The income and expenditure account, F3. . . and the annual business statement shall be annexed to the balance sheet, and so shall any group accounts; and the auditor’s report shall be attached to it.

(3)

The income and expenditure account, F4. . . and the annual business statement shall be approved by the board of directors before the balance sheet is signed on their behalf, and so shall any group accounts; and the date of their approval of those documents shall be endorsed on the balance sheet.

(4)

The directors’ report shall be attached to the balance sheet.

(5)

If a balance sheet has not been signed as required by subsection (1) above, and a copy of it is issued, circulated or published, the building society shall be liable on summary conviction to a fine not exceeding level 3 on the standard scale and so shall any officer who is also guilty of the offence.

(6)

If any copy of a balance sheet is issued, circulated or published—

(a)

without having annexed to it a copy of the income and expenditure account, or

F5(b)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(c)

without having annexed to it a copy of the annual business statement, or

(d)

without having attached to it a copy of the F6auditor’s report, or

(e)

without having attached to it a copy of the directors’ report,

the building society shall be liable on summary conviction to a fine not exceeding level 3 on the standard scale and so shall any officer who is also guilty of the offence.

Annotations

Textual amendments

F1: Words in s. 80(1) substituted (6.1.2025) by The Building Societies Act 1986 (Modifications) Order 2024 (S.I. 2024/1346), arts. 1(2), 2(4)(a)
F2: Words in s. 80(1) omitted (6.1.2025) by virtue of The Building Societies Act 1986 (Modifications) Order 2024 (S.I. 2024/1346), arts. 1(2), 2(4)(b)
F3: Words in s. 80(2) omitted (23.3.1999) by virtue of S.I. 1999/248, reg. 3, Sch. para. 5(1)
F4: Words in s. 80(3) omitted (23.3.1999) by virtue of S.I. 1999/248, reg. 3, Sch. para. 5(2)
F5: S. 80(6)(b) omitted (23.3.1999) by virtue of S.I. 1999/248, reg. 3, Sch. para. 5(3)
F6: Words in s. 80(6)(d) substituted (29.6.2008) by The Building Societies Act 1986 (Accounts, Audit and EEA State Amendments) Order 2008 (S.I. 2008/1519), art. 1(2), Sch. 2 para. 6

Notes on Part VIII

Modifications

C1: Pt. VIII (ss. 71–82) excluded by S.I. 1986/2168, art. 12(1)(a)
C2: Pt. VIII (ss. 71–82) modified (temp.until 1.1.1993) by S.I. 1990/1392, art. 6(3)