sec.160Final audit on merger or transfer of engagements

sec.160 Final audit on merger or transfer of engagements

This section applies to a society that is dissolved as part of a merger, or transfer of engagements, under part 9 . The society’s auditor must prepare a report containing the statements and information prescribed under a regulation about the society’s accounts and accounting records for the financial year up to the date of the society’s dissolution and for the previous financial year if an auditor’s report has not been prepared for the society’s accounts for that year. The provisions of section 159 about the rights of access of an auditor to a society’s records apply for the preparation of the report as if it were a report required under section 158 . The society’s auditor must give the report to the directors of the merged society or transferee society within 2 months after the date of the merger or transfer and the directors of the merged society or transferee society must in turn, within 3 months after the date of the merger or transfer, give the registrar the auditor’s report together with the accounts of the society dissolved as part of the merger or transfer. An auditor of a society must not contravene this section. Maximum penalty—80 penalty units. A director of a society must take all reasonable steps to ensure that a report required by this section to be given to the directors of a society or to the registrar is so given. Maximum penalty for subsection (6) —80 penalty units. s 160 amd 1999 No. 27 s 76 sch 1 pt 2 (sec.160-ssec.1) This section applies to a society that is dissolved as part of a merger, or transfer of engagements, under part 9 . (sec.160-ssec.2) The society’s auditor must prepare a report containing the statements and information prescribed under a regulation about the society’s accounts and accounting records for the financial year up to the date of the society’s dissolution and for the previous financial year if an auditor’s report has not been prepared for the society’s accounts for that year. (sec.160-ssec.3) The provisions of section 159 about the rights of access of an auditor to a society’s records apply for the preparation of the report as if it were a report required under section 158 . (sec.160-ssec.4) The society’s auditor must give the report to the directors of the merged society or transferee society within 2 months after the date of the merger or transfer and the directors of the merged society or transferee society must in turn, within 3 months after the date of the merger or transfer, give the registrar the auditor’s report together with the accounts of the society dissolved as part of the merger or transfer. (sec.160-ssec.5) An auditor of a society must not contravene this section. Maximum penalty—80 penalty units. (sec.160-ssec.6) A director of a society must take all reasonable steps to ensure that a report required by this section to be given to the directors of a society or to the registrar is so given. Maximum penalty for subsection (6) —80 penalty units.