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.