sec.59Keeping financial records

### sec.59 Keeping financial records The members of the management committee of an incorporated association must ensure the association keeps financial records that— correctly record and explain its transactions and financial position and performance; and enable a true and fair financial statement for each reportable financial year of the association to be prepared; and if the association is required under section 59AA to prepare an audit report—enable a true and fair audit report to be prepared; and if the association is required under section 59AB to prepare a verification statement—enable a true and fair verification statement to be prepared. Maximum penalty— for each member of the management committee of a large incorporated association—20 penalty units; or for each member of the management committee of a medium incorporated association or a small incorporated association—10 penalty units. A regulation may prescribe particular financial records to be kept by an incorporated association. s 59 prev s 59 om 1995 No. 7 s 6 pres s 59 (prev s 40) amd 1990 No. 80 s 3 sch 6 ; 1990 No. 85 s 5 sch 2 renum and reloc 1995 No. 7 s 3 sch amd 1995 No. 7 s 3 sch ; 1997 No. 82 s 6 ; 1999 No. 63 s 8 ; 2000 No. 24 s 5 ; 2001 No. 45 s 29 sch 3 ; 2005 Act No. 14 s 2 sch ; 2006 No. 9 s 3 sub 2007 No. 16 s 18 ; 2020 No. 17 s 22 (sec.59-ssec.1) The members of the management committee of an incorporated association must ensure the association keeps financial records that— correctly record and explain its transactions and financial position and performance; and enable a true and fair financial statement for each reportable financial year of the association to be prepared; and if the association is required under section 59AA to prepare an audit report—enable a true and fair audit report to be prepared; and if the association is required under section 59AB to prepare a verification statement—enable a true and fair verification statement to be prepared. Maximum penalty— for each member of the management committee of a large incorporated association—20 penalty units; or for each member of the management committee of a medium incorporated association or a small incorporated association—10 penalty units. (sec.59-ssec.2) A regulation may prescribe particular financial records to be kept by an incorporated association. - (a) correctly record and explain its transactions and financial position and performance; and - (b) enable a true and fair financial statement for each reportable financial year of the association to be prepared; and - (c) if the association is required under section 59AA to prepare an audit report—enable a true and fair audit report to be prepared; and - (d) if the association is required under section 59AB to prepare a verification statement—enable a true and fair verification statement to be prepared. - (a) for each member of the management committee of a large incorporated association—20 penalty units; or - (b) for each member of the management committee of a medium incorporated association or a small incorporated association—10 penalty units.