40Financial year of a trust

#### 40 Financial year of a trust 40 Financial year of a trust > > (1) Subject to this section, the financial year of a trust is the period of 12 months beginning: > > > > > (a) in the case of a trust that has had a previous financial year—at the end of that year, and > > > > > (b) in the case of a trust that has not had a previous financial year—on the date on which the trust was established. > > > (2) A general meeting of commoners may, by resolution, vary the financial year of the trust concerned by substituting: > > > > > (a) a period shorter than the existing period, or > > > > > (b) a period longer than the existing period, so long as the substituted period is not longer than 18 months. > > > (3) A resolution under subsection (2) has no effect if it would prevent the trust from complying with section 31 with respect to the holding of annual general meetings of commoners.