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Co-operatives National Law Application Act 2013
265Obligation to keep financial records (cf Corporations Act s 286)
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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.
(2) The co-operative must retain the financial records for 7 years after the transactions covered by the records are completed.