Section 34B
Annual reports, accounts and financial statements. [S 61/2012]
(1)
A society shall, as soon as practicable but not later than 6 months after the close of each financial year, submit to the Registrar an annual report on its activities during the year together with two certified true copies of the audited financial statements of the society and the audit report for that year.
Co-operative Societies
B.L.R.O. 1/2015 31
(2)
The society shall keep proper accounts and records of its transactions and affairs and shall do all things necessary to ensure that all payments out of its moneys are correctly made and properly authorised and that adequate control is maintained over the assets of, or in custody of, the society and over the expenditure incurred by the society.
(3)
The society shall, as soon as practicable but not later than 6 months after the close of the financial year, prepare and submit the financial statements in respect of that year to the auditor who shall audit and report on them.
(4)
Notwithstanding subsection (3), the Registrar may, on application by a society, extend the period of 6 months referred to in that subsection, if for any special reason he thinks fit to do so.
(5)
The financial statements, accounts and other relevant reports of a registered society and its subsidiary or subsidiaries, if any, duly audited, shall be submitted to its members not less than 15 days and to the Registrar not less than 30 days before the annual general meeting, and the Registrar may make such observations as he deems fit on the financial statements, accounts and the reports.