Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 May 2003 - onwards
  Version 3 of 3    

124. Annual returns.

(1) Subject to subsection (3), every credit union shall, not later than 31st March in each year, send to the Bank a return relating to its affairs for the most recent complete financial year, together with the annual accounts and a copy of the report of the auditor on the credit union's annual accounts for that financial year.

(2) A return required by this section shall contain, with respect to the financial year to which it relates -

(a) the income and expenditure account prepared in accordance with section 111(1)(a);

(b) the balance sheet as at the end of the financial year prepared in accordance with section 111(1)(b); and

(c) any statement prepared in accordance with section 111(1)(c).

(3) If the Bank is of the opinion that special circumstances exist, it may by notice in writing allow a credit union to make a return under this section up to a date other than the end of a financial year and, in that case -

(a) subsection (2) shall apply subject to such modifications as may be speci