265Obligation to keep financial records

#### 265 Obligation to keep financial records 265 Obligation to keep financial records (cf Corporations Act s 286) > > (1) A co-operative must keep written financial records that— > > > > > (a) correctly record and explain its transactions and financial position and performance; and > > > > > (b) would enable true and fair financial statements to be prepared and audited. > > > > The obligation to keep financial records of transactions extends to transactions undertaken as trustee. > > > > Maximum penalty—$2,500. > > > (2) The co-operative must retain the financial records for 7 years after the transactions covered by the records are completed. > > > > Maximum penalty—$2,500. > > > (3) An offence based on subsection (1) or (2) is an offence of strict liability.