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Article 4 Specification of internally audited interim profit

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

The amount of any profit for the period since the latest balance sheet of a society shown in the accounting records of the society for the time being which profit is adequately verified is specified as internally audited interim profit of that society to be aggregated with its reserves for the purpose of the first criterion in section 45(3) of the Act, to the extent set out in Article 7 below.

(2)

For the purposes of paragraph (1) above, profit is adequately verified where the directors of the society resolve that they are satisfied that it has been verified by internal audit.