§ Mr. Weetchasked the Chancellor of the Exchequer whether he is satisfied that the companies in which the directors of the New Cross building society had financial interests were fully revealed in the returns that were made by that society in the last 10 years.
§ Mr. Ian StewartSection 89 of the Building Societies Act 1962 requires the disclosure in the annual return of a building society of any advance to a company in which a director of a society has an interest as defined by that section. If the disclosure requirements are not complied with the society's auditors are under a statutory duty to include in their report, so far as they are reasonably able to do so, a statement giving the required particulars.
In addition, the annual return of a building society, in respect of a financial year ending on or after 31 December 1981, is required to disclose other directorships held by its directors.
The Chief Registrar of Friendly Societies has no reason to believe that the New Cross building society has not complied with these requirments. The reports of the New Cross building society for the last 10 years have not included any statements by the auditors of such omission. But if the hon. Member has any information to this effect, perhaps he will send me details.