# Friendly Societies Act 1992, Paragraph 15


(1) If a person ceasing to hold office as auditor fails to comply with paragraph 14 above, he is guilty of an offence and liable—
(a) on conviction on indictment, to a fine; and
(b) on summary conviction, to a fine not exceeding the statutory maximum.
(2) If a society or branch makes default in complying with paragraph 14 above, it is guilty of an offence and liable—
(a) on conviction on indictment, to a fine, and
(b) on summary conviction, to a fine not exceeding the statutory maximum and in the case of a continuing offence, to an additional fine not exceeding one-tenth of the statutory maximum one-tenth of the greater of £5,000 or the amount corresponding to level 4 on the standard scale for summary offences for every day during which the offence continues.

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Source: https://www.legislation.gov.uk/ukpga/1992/40/schedule/14/paragraph/15 (the official version)
Page: https://openlegislation.uk/friendly-societies-act-1992/schedule-14/paragraph-15
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.