(1) This section supplements section 98.
(2) A registered society is not required to prepare group accounts for a year of account if, at the end of the year, it is the wholly owned subsidiary of another body corporate incorporated in Great Britain.
(3) Group accounts need not deal with a subsidiary if in the opinion of the parent society's committee, approved by the FCA -
(a) it is impracticable, or would be of no real value to the society's members, in view of the insignificant amounts involved,
(b) it would involve expense or delay out of proportion to the value to those members,
(c) the result would be misleading, or harmful to the business of the society or any of its subsidiaries, or
(d) the business of the society and that of the subsidiary are so different that they cannot reasonably be treated as a single undertaking.
(4) A society is not required to prepare group accounts if, by virtue of subsection (3), the accounts would not need to deal with any of the society's subsidiarie
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