128   Statement of financial performance and statement of financial position

The directors of a society must, before the day on which returns must be lodged by the society under section 148 (1), cause to be prepared:

(a)  a statement of financial performance for the last financial year giving a true and fair view of the profit or loss of the society for that financial year, and

(b)  a statement of financial position as at the end of the last financial year giving a true and fair view of the state of affairs of the society as at the end of that financial year.