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Section 84: Power of certain societies to disapply section 83

Co-operative and Community Benefit Societies Act 2014 · 2014 c. 14View on legislation.gov.uk

Part 7: Accounts, audit and annual returns

A registered society may by resolution disapply section 83 (duty to appoint auditors) in respect of a year of account if—

the total value of its assets at the end of the preceding year of account did not exceed £5,100,000, and
its turnover for that preceding year did not exceed £10,200,000.

The resolution must be passed at a general meeting at which—

less than 20% of the total votes cast are cast against the resolution, and
less than 10% of the society's members for the time being entitled under its rules to vote cast their votes against the resolution.

Subsection (1) does not apply to a society that—

is a credit union,
is a subsidiary,
has a subsidiary,
holds a deposit or has at any time since the end of the preceding year of account held a deposit (other than a deposit in the form of withdrawable share capital), or
is registered in the register of social landlords maintained under section 20(1) of the Housing (Scotland) Act 2010 (asp 17).

The FCA may by notice to a society disapply subsection (1) in relation to the year of account in which the notice is given.

A resolution under subsection (1) has no effect if, at any time before the end of the year of account to which it relates—

the society is within a paragraph of subsection (3), or
the society is given a notice under subsection (4).

Subsection (1) applies in relation to a registered society that is a charity or recognised body as if for paragraph (b) there were substituted—

In subsection (6) "recognised body" has the meaning given by article 3(6)(c) of the Charities and Trustee Investment (Scotland) Act 2005 (Consequential Provisions and Modifications) Order 2006 (SI 2006/242).

Where a society's year of account is for a period other than a calendar year, the figure in subsection (1)(b) (including that provision as it has effect by virtue of subsection (6)) is to be proportionately adjusted.

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This legislation text comes from legislation.gov.uk. Contains public sector information licensed under the Open Government Licence v3.0. These source and reuse terms cover the legislation text, not Remedy's commentary.

Reuse reviewed 21 August 2026 under Open Government Licence v3.0.