sec.268Place where records are kept (cf Corporations Act s 289 )

sec.268 Place where records are kept (cf Corporations Act s 289 )

A co-operative may decide where to keep the financial records. If financial records about particular matters are kept outside this jurisdiction, the co-operative must ensure that sufficient written information about those matters are kept in this jurisdiction to enable true and fair financial statements to be prepared. Maximum penalty—$2,500. If financial records about particular matters are kept outside this jurisdiction, the co-operative must give the Registrar written notice in the approved form of the place where the information is kept. Maximum penalty—$2,500. The Registrar may direct a co-operative to produce specified financial records that are kept outside this jurisdiction. The co-operative must comply with the direction. Maximum penalty—$2,000. The direction must— be in writing; and specify a place in this jurisdiction where the records are to be produced (the place must be reasonable in the circumstances); and specify a day (at least 14 days after the direction is given) by which the records are to be produced. An offence based on subsection (2) , (3) or (4) is an offence of strict liability. (sec.268-ssec.1) A co-operative may decide where to keep the financial records. (sec.268-ssec.2) If financial records about particular matters are kept outside this jurisdiction, the co-operative must ensure that sufficient written information about those matters are kept in this jurisdiction to enable true and fair financial statements to be prepared. Maximum penalty—$2,500. (sec.268-ssec.3) If financial records about particular matters are kept outside this jurisdiction, the co-operative must give the Registrar written notice in the approved form of the place where the information is kept. Maximum penalty—$2,500. (sec.268-ssec.4) The Registrar may direct a co-operative to produce specified financial records that are kept outside this jurisdiction. The co-operative must comply with the direction. Maximum penalty—$2,000. (sec.268-ssec.5) The direction must— be in writing; and specify a place in this jurisdiction where the records are to be produced (the place must be reasonable in the circumstances); and specify a day (at least 14 days after the direction is given) by which the records are to be produced. (sec.268-ssec.6) An offence based on subsection (2) , (3) or (4) is an offence of strict liability.

• (a) be in writing; and
• (b) specify a place in this jurisdiction where the records are to be produced (the place must be reasonable in the circumstances); and
• (c) specify a day (at least 14 days after the direction is given) by which the records are to be produced.