(1) The committee of management of a friendly society shall prepare for submission to the annual general meeting of the society a report on the activities of the society containing -
(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);
(b) such information relating to such aspects of the activities of the society as may be prescribed by regulations made by the Treasury; and
(c) a statement whether any and, if so, what activities carried on during the year by the society are believed to have been carried on outside its powers.
(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 whol
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