50Keeping of accounts and minutes of proceedings

#### 50 Keeping of accounts and minutes of proceedings 50 Keeping of accounts and minutes of proceedings > > (1) An association— > > > > > (a) must keep records that correctly record and explain its financial transactions and financial position, and > > > > > (b) must keep minutes of the proceedings of its committee meetings and general meetings. > > > > Maximum penalty—5 penalty units. > > > (2) In the case of a Tier 1 association within the meaning of Division 1, the records referred to in subsection (1) (a) must be sufficient to enable financial statements to be prepared in accordance with the Australian Accounting Standards. > > > (3) If any document required to be kept under this section is, either in whole or in part, in a language other than the English language, a copy of the document wholly in the English language must be kept with the document. > > > (4) The regulations may make provision for or in respect of the keeping and inspection of records and minutes under this section.