123Financial year of co-operative housing society

#### 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.