Article 3 Contents of the committee of management’s annual report

Section 71 of the 1992 Act (report on a friendly society’s affairs by the committee of management) is amended as follows.

In subsection (1) for paragraph (a) substitute—

“(a)

a fair review of the business of the society, its subsidiary undertakings and bodies that it jointly controls (if any) complying with section 71A;

(aa)

a description of the principal risks and uncertainties facing the society, its subsidiary undertakings and bodies that it jointly controls (if any);”.

After subsection (1) insert –

“(1A)

If the friendly society has subsidiary undertakings, the report may, where appropriate, give greater emphasis to those matters which are significant to the society and its subsidiary undertakings taken as a whole.”.

Omit subsection (2)(b).