Mutual Banks Act, 1993 (Act No. 124 of 1993)

Chapter IV : Administration of Mutual Banks

43. Annual financial statements
Purchase cart Previous page Return to chapter overview Next page

 

(1)The financial year of a mutual bank shall be its annual accounting period, the commencing date of which and the date on which it ends in the next succeeding calendar year shall be determined upon the incorporation of the mutual bank and recorded in its articles: Provided that the first financial year of a mutual bank shall, where the commencing date so determined—
(a)is a date more than three months after such incorporation, be the period commencing on such incorporation and ending on the date immediately preceding the commencing date so determined; or
(b)is a date not more than three months after such incorporation, be the period commencing on such incorporation and ending on the date so determined as the end of the financial year in the next calendar year.

 

(2)For the purposes of the proviso to subsection (1), the date on which a mutual bank is in terms of section 14(4) registered as a mutual bank shall be deemed to be the date of its incorporation.

 

(3)If a mutual bank wishes to change the date of the end of its financial year, such change shall be effected by way of an alteration of its articles in accordance with the provisions of section 33.

 

(4)The board of a mutual bank shall after the end of each financial year prepare in respect of that financial year the prescribed annual financial statements in the prescribed form.

 

(5)Each financial statement prepared in terms of subsection (4) shall be certified as correct by two directors and the chief accounting officer of the mutual bank.

 

(6)The auditor of a mutual bank shall make a report to the members of the mutual bank on the annual financial statements referred to in subsection (4) or on such particular one of such statements as may be prescribed.

 

(7)A copy of each annual financial statement referred to in subsection (4) and a copy of the auditor's report referred to in subsection (6) shall be sent by the mutual bank to the Registrar within 14 days after the annual general meeting at which they are presented or within four months after the expiration of the financial year to which they relate, whichever period expires first.