Corporations (Aboriginal and Torres Strait Islander) Act 2006
CHAPTER 7
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RECORD KEEPING, REPORTING REQUIREMENTS AND BOOKS
PART 7-2
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RECORD KEEPING REQUIREMENTS
Division 322
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Record keeping requirements
SECTION 322-10
OBLIGATION TO KEEP FINANCIAL RECORDS
322-10(1)
An Aboriginal and Torres Strait Islander corporation must keep written financial records that: (a) correctly record and explain its transactions and financial position and performance; and (b) would enable true and fair financial reports to be prepared and audited. The obligation to keep financial records of transactions extends to transactions undertaken as trustee.
Period for which records must be retained
322-10(2)
The financial records must be retained for 7 years after the transactions covered by the records are completed.
Strict liability offences
322-10(3)
An offence against subsection (1) or (2) is an offence of strict liability.
An Aboriginal and Torres Strait Islander corporation must keep written financial records that: (a) correctly record and explain its transactions and financial position and performance; and (b) would enable true and fair financial reports to be prepared and audited. The obligation to keep financial records of transactions extends to transactions undertaken as trustee.
Penalty: 25 penalty units or imprisonment for 6 months, or both.
Note:
Section 700-1 defines financial records .
Period for which records must be retained
322-10(2)
The financial records must be retained for 7 years after the transactions covered by the records are completed.
Penalty: 25 penalty units or imprisonment for 6 months, or both.
Strict liability offences
322-10(3)
An offence against subsection (1) or (2) is an offence of strict liability.
Note:
For strict liability , see section 6.1 of the Criminal Code .