Section 42 Restrictions on appointment of auditors.

Northern Ireland

(1)

None of the following persons shall be appointed as auditor of a registered society—

(a)

an officer or servant of the society; or

(b)

a person who is a partner of or in the employment of, or who employs, an officer or servant of the society; or

Para. (c) rep. by SR 1993/67

(d)

a person whose appointment as auditor of any other registered society—

(i)

which is a subsidiary of that society, or

(ii)

of which that society is a subsidiary, or

(iii)

which is a subsidiary of the society of which that society is a subsidiary,

is prohibited by virtue of paragraph (a) or (b); or

F1(e)

a person who is F2prohibited by section 1214 of the Companies Act 2006 (independence requirement) from acting as statutory auditor of a company which is a subsidiary of that society.

(2)

Any appointment made by a society in contravention of subsection (1) shall not be an effective appointment for the purposes of this Act.

Subs. (3) rep. by SR 1993/67

(4)

In this section “company” has the same meaning as in section 47 and references to an officer or servant shall be construed as not including an auditor.

Annotations

Textual amendments

F1: SR 1993/67
F2: Words in s. 42(1)(e) substituted (6.4.2008) by Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), arts. 2(2), 3(1), Sch. 1 para. 6 (with arts. 6, 11, 12)

Notes on the whole Act

Textual amendments

F1: Act: "The Industrial and Provident Societies (N.I.) Act 1969 may be cited as The Co-operative and Community Benefit Societies Act (N.I.) 1969" (6.4.2018) by virtue of Credit Unions and Co-operative and Community Benefit Societies Act (NorthernIreland) 2016 (c. 16), ss. 8(2), 17(2) (with Sch. 2 paras. 2, 3); S.R. 2017/217, art. 2(b)
F2: 1981 NI 3