Co-operatives National Law (Queensland)
sec.265Obligation to keep financial records (cf Corporations Act s 286 )
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sec.265 Obligation to keep financial records (cf Corporations Act s 286 )
A co-operative must keep written financial records that— correctly record and explain its transactions and financial position and performance; and 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. The co-operative must retain the financial records for 7 years after the transactions covered by the records are completed. Maximum penalty—$2,500. An offence based on subsection (1) or (2) is an offence of strict liability. (sec.265-ssec.1) A co-operative must keep written financial records that— correctly record and explain its transactions and financial position and performance; and 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. (sec.265-ssec.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. (sec.265-ssec.3) An offence based on subsection (1) or (2) is an offence of strict liability.
- (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.