66 Half-yearly or quarterly reports

(1)

During each financial year, the board of a council-controlled organisation must report on the organisation’s operations to—

(a)

its shareholders; and

(b)

in the case of an organisation that is indirectly controlled by 1 or more local authorities (for example, a subsidiary of a holding company owned by a local authority), to each local authority that indirectly controls the organisation.

(2)

A half-yearly report must be delivered within 2 months after the end of the first half of each financial year.

(3)

If the shareholders of the council-controlled organisation notify the organisation that they require quarterly reporting, quarterly reports must also be delivered within 2 months after the end of the first and third quarters of each financial year.

(4)

Each report must include the information required to be included by the council-controlled organisation’s statement of intent.

(5)

Each local authority that receives a report under this section must publish the report on an Internet site maintained by or on behalf of the local authority within 1 month of receiving it and must maintain the report on that site for a period of no less than 7 years.

Compare: 1974 No 66 s 594Z

Section 66: replaced, on 22 October 2019, by section 24 of the Local Government Act 2002 Amendment Act 2019 (2019 No 54).