59Accounts, records and financial statements

#### 59 Accounts, records and financial statements (1) The Governing Committee of an Incorporated Aboriginal Association shall cause to be kept proper accounts and records of the transactions and affairs of the Association and shall do all things necessary to ensure that all payments out of the moneys of the Association are correctly made and properly authorized and that adequate control is maintained over the assets of, or in the custody of, the Association and over the incurring of liabilities by the Association. (2) The Governing Committee must, as soon as practicable after each 30 June, cause to be prepared a report (Committee’s Report) consisting of: (a) a statement, in a form approved by the Registrar, whether the Governing Committee and the Association have complied with the obligations imposed by this Act, the regulations and the Rules of the Association during the financial year ending on that date; and (b) a balance sheet setting out the assets and liabilities of the Association as at that 30 June; and (c) an income and expenditure statement giving a true and fair view of the income and expenditure of the Association for the financial year ending on that 30 June; and (d) a copy of the latest list given to the Registrar under subsection 58(3) or (4). (3) As soon as practicable after the report has been prepared, the Governing Committee must cause a person authorised by the Registrar for the purposes of this section: (a) to examine: (i) whether the Governing Committee and the Association have complied with the obligations imposed by this Act, the regulations and the Rules of the Association; and (ii) whether the balance sheet and income and expenditure statement are based on proper accounts and records and are in agreement with those accounts and records; and (b) to give the Governing Committee a report (examiner’s report) of the results of that examination, drawing attention to any irregularity that it has disclosed. (4) The Governing Committee must file with the Registrar a copy of the Committee’s report and the examiner’s report as soon as practicable after receiving the latter and in any case not later than 31 December after the end of the relevant financial year. (5) The Governing Committee must: (a) make a copy of the Committee’s report and the examiner’s report available at the next annual general meeting after they have been prepared; and (b) make a copy of the Committee’s report and the examiner’s report available for inspection at all reasonable times by members of the Association. (6) If the Association is incorporated at any time in April, May or June in a financial year: (a) this section applies as if the reference in subsection (2) to 30 June were a reference to the 30 June ending the next financial year; and (b) the period from the date of incorporation to that 30 June is to be treated as a financial year. (7) If the Governing Committee fails to comply with a provision of this section, each member of the Committee is guilty of an offence punishable, on conviction, by a fine not exceeding $200. (8) Subsection (7) is an offence of strict liability. > Note: For strict liability, see section 6.1 of the Criminal Code. (9) Subsection (7) does not apply if: (a) the Governing Committee has a reasonable excuse; or (b) the member did not know that the Committee had failed to comply with a provision of this section. > Note: A defendant bears an evidential burden in relation to the matters in subsection (9) (see subsection 13.3(3) of the Criminal Code).