sec.59APreparing annual financial statement

### sec.59A Preparing annual financial statement The members of the management committee of an incorporated association must ensure the association, within 6 months after the end date of each financial year for the association, prepares a financial statement for the association’s last reportable financial year. 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. Subsection (1) does not apply to an exempt association. In this section— exempt association means an incorporated association that is a member of an exempt class. exempt class means a class of incorporated association prescribed by regulation as an exempt class for this definition. s 59A ins 2007 No. 16 s 18 sub 2020 No. 17 s 22 (sec.59A-ssec.1) The members of the management committee of an incorporated association must ensure the association, within 6 months after the end date of each financial year for the association, prepares a financial statement for the association’s last reportable financial year. 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.59A-ssec.2) Subsection (1) does not apply to an exempt association. (sec.59A-ssec.3) In this section— exempt association means an incorporated association that is a member of an exempt class. exempt class means a class of incorporated association prescribed by regulation as an exempt class for this definition. - (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.