47Financial statements

#### 47 Financial statements 47 Financial statements > > (1) As soon as practicable after the end of each financial year, the committee of a Tier 2 association must cause financial statements for that year to be prepared, in accordance with this section, in relation to the association’s financial affairs (including its affairs as trustee of any trust). > > > > Maximum penalty—5 penalty units. > > > (2) The financial statements must give a true and fair view of the association’s affairs and must deal with such matters as are prescribed by the regulations.