{
  "url": "https://openlegislation.uk/friendly-societies-act-1974/section-40",
  "json_url": "https://openlegislation.uk/friendly-societies-act-1974/section-40.json",
  "legislation": "ukpga/1974/46",
  "legislation_title": "Friendly Societies Act 1974",
  "legislation_url": "https://openlegislation.uk/friendly-societies-act-1974",
  "path": "section/40",
  "kind": "section",
  "number": "40",
  "heading": "Remuneration of qualified auditors.",
  "text": "(1) Regulations made by the . . . Treasury under section 97 of the Co-operative and Community Benefit Societies Act 2014 may prescribe the maximum rates of remuneration to be paid by registered societies and branches for the audit of their accounts and balance sheets by qualified auditors or for the making of a report for the purposes of section 30A(4)(a) or (5) or 39A(2)(a) or (b) above.\n(2) No auditor or reporting accountant of a registered society or branch shall ask for, receive, or be entitled to receive, remuneration in excess of the rate prescribed in respect of his services by regulations made by virtue of this section.\n(3) For the purposes of regulations made by virtue of this section, section 97 of the Co-operative and Community Benefit Societies Act 2014 shall be taken to extend to Northern Ireland.\n(4) In this section, “ reporting accountant ” means a person appointed to make a report for the purposes of section 30A(4)(a) or (5) or 39A(2)(a) or (b) above",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in s. 40(1) repealed (17.8.2001 for certain purposes, otherwise 1.12.2001) by S.I. 2001/2617, arts. 2, 8, 13(1)(2), Sch. 3 Pt. I para. 17, Sch. 4 (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2(1)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words in s. 40(1) substituted (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), s. 154, Sch. 4 para. 26 (with Sch. 5)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Words in s. 40(1) inserted (1.9.1996) by S.I. 1996/1738 art. 11(6)"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Words in s. 40(2) inserted (1.9.1996) by S.I. 1996/1738, art. 11(7)"
    },
    {
      "type": "F",
      "label": "F5",
      "text": "S. 40(3) added (1.1.1994) by Friendly Societies Act 1992 (c. 40), s. 95, Sch. 16 para. 14 (with ss. 7(5) and 93(4)); S.I. 1993/3226, art. 2, Sch. 2."
    },
    {
      "type": "F",
      "label": "F6",
      "text": "Words in s. 40(3) substituted (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), s. 154, Sch. 4 para. 26 (with Sch. 5)"
    },
    {
      "type": "F",
      "label": "F7",
      "text": "S. 40(4) inserted (1.9.1996) by S.I. 1996/1738 art. 11(8)"
    },
    {
      "type": "C",
      "label": "C1",
      "text": "By Friendly Societies Act 1992 (c. 40), s. 95, Sch. 16 para. 12 (with ss. 7(5) and 93(4)); S.I. 1993/2213, art. 2, Sch. 6 (1.1.1994) it is provided that ss. 29-45 shall cease to have effect in relation to registered friendly societies and registered branches of such societies."
    },
    {
      "type": "C",
      "label": "C2",
      "text": "S. 40(1): functions transferred to the Treasury (1.12.2001) by S.I. 2001/2617, arts. 2(b), 4(1), Sch. 1 Pt. I (with art. 5); S.I. 2001/3538, art. 2(1)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1974/46/section/40",
    "retrieved_at": "2026-10-29T10:43:06.632065+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}