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

(a) the total value of its assets at the end of the preceding year of account did not exceed £5,100,000, and

(b) its turnover for that preceding year did not exceed £10,200,000.

(2) The resolution must be passed at a general meeting at which -

(a) less than 20% of the total votes cast are cast against the resolution, and

(b) less than 10% of the society's members for the time being entitled under its rules to vote cast their votes against the resolution.

(3) Subsection (1) does not apply to a society that -

(a) is a credit union,

(b) is a subsidiary,

(c) has a subsidiary,

(d) 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