Commons Management Act 1989
40Financial year of a trust
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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.