Corporations (Aboriginal and Torres Strait Islander) Act 2006

CHAPTER 7 - RECORD KEEPING, REPORTING REQUIREMENTS AND BOOKS  

PART 7-2 - RECORD KEEPING REQUIREMENTS  

Division 322 - Record keeping requirements  

SECTION 322-10   OBLIGATION TO KEEP FINANCIAL RECORDS  

322-10(1)    
An Aboriginal and Torres Strait Islander corporation must keep written financial records that:

(a)    correctly record and explain its transactions and financial position and performance; and

(b)    would enable true and fair financial reports to be prepared and audited. The obligation to keep financial records of transactions extends to transactions undertaken as trustee.

Penalty: 25 penalty units or imprisonment for 6 months, or both.

Note:

Section 700-1 defines financial records .

Period for which records must be retained

322-10(2)    
The financial records must be retained for 7 years after the transactions covered by the records are completed.

Penalty: 25 penalty units or imprisonment for 6 months, or both.

Strict liability offences

322-10(3)    
An offence against subsection (1) or (2) is an offence of strict liability.

Note:

For strict liability , see section 6.1 of the Criminal Code .