Co-operative Housing and Starr-Bowkett Societies Act 1998
123Financial year of co-operative housing society
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123 Financial year of co-operative housing society
123 Financial year of co-operative housing society
(1) The financial year of a co-operative housing society is the period from 1 July to the following 30 June.
(2) If a co-operative housing society is registered (otherwise than as a result of a merger) on a day falling between 1 January and 30 June in any year, its first financial year may, if the society so elects, extend to 30 June in the following year.
(3) Despite subsection (1), if at the commencement of this section the financial year of a co-operative housing society is a period other than that specified in subsection (1), the society may retain that period as its financial year for a maximum period of 2 years after that commencement but must comply with that subsection before the end of that period.
Maximum penalty—20 penalty units.