(1) Subject to the provisions of this section the Registrar may require every society or branch, not oftener than once in every 5 years, either—
(a) to cause its assets and liabilities to be valued by a valuer to be appointed by the society or branch and approved by the Registrar, and to send to the Registrar a report on the condition of the society or branch; or
(b) to send to the Registrar a return of the benefits assured and contributions receivable from all the members of the society or branch, and of all its funds and effects, debts and credits, accompanied by such evidence in support thereof as the Registrar may require.
(2) If the society or branch sends to the Registrar such report as aforesaid, the report shall—
(a) be signed by the valuer;
(b) state the address and calling or profession of the valuer; and
(c) contain an abstract to be made by the valuer of the results of his or her valuation, together with a statement containing such information with respect to the benefits assured and the contributions receivable by the society or branch, and of its funds and effects, debts and credits, as the Registrar may require.
(3) If the society or branch sends to the Registrar such return as aforesaid, the Registrar shall cause the assets and liabilities of the society or branch to be valued and reported on by some actuary, and shall send to the society or branch a copy of the report and an abstract of the results of the valuation.
(4) This section shall not apply to—
(a) a benevolent society, working-men's club or branch thereof; or
(b) a specially authorised society or branch unless it is so directed in the authority for registering that society or branch.
(5) The Registrar may, with the approval of the Minister, dispense with the provisions of this section in respect of societies or branches to whose purposes or to the nature of whose operations he or she may deem those provisions inapplicable.
(6) If any society fails to comply with any of the requirements of this section it commits an offence.