Corporations (Aboriginal and Torres Strait Islander) Act 2006

CHAPTER 7 - RECORD KEEPING, REPORTING REQUIREMENTS AND BOOKS  

PART 7-3 - REPORTING REQUIREMENTS  

Division 342 - Financial reporting to members  

SECTION 342-5   ANNUAL FINANCIAL REPORTING TO MEMBERS  

342-5(1)    
An Aboriginal and Torres Strait Islander corporation that is required to prepare:

(a)    a financial report for a financial year; or

(b)    a directors ' report for a financial year; must give a copy of the report to each member who requests it under subsections (3A) and (3B) .

Penalty: 10 penalty units.

342-5(2)    
An Aboriginal and Torres Strait Islander corporation that is required to have a financial report, or a part of a financial report, for a financial year audited must give a copy of the auditor ' s report to each member who requests it under subsections (3A) and (3B) .

Penalty: 10 penalty units.

342-5(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 .

Request for financial report, directors ' report or auditor ' s report

342-5(3A)    
A member of the Aboriginal and Torres Strait Islander corporation may request the corporation to give the member a copy of:

(a)    a financial report for a financial year; or

(b)    a directors ' report for a financial year; or

(c)    if the corporation is required to have a financial report, or a part of a financial report, for a financial year audited - the auditor ' s report in relation to the financial report or that part of a financial report.

342-5(3B)    
The request must be made:

(a)    during the financial year; or

(b)    within 12 months after the end of the financial year.

342-5(3C)    
If:

(a)    a member of the Aboriginal and Torres Strait Islander corporation requests the corporation to give the member a copy of a financial report; and

(b)    the corporation is required to have the financial report, or a part of the financial report, audited;

the member is taken, for the purposes of this section, to request the corporation also to give the member a copy of the auditor ' s report in relation to that financial report or that part of that financial report.

342-5(3D)    
If a member of the Aboriginal and Torres Strait Islander corporation requests the corporation to give the member a copy of an auditor ' s report in relation to a financial report, or a part of a financial report, the member is taken, for the purposes of this section to request the corporation also to give the member a copy of the financial report.

Sending reports

342-5(4)    
An Aboriginal and Torres Strait Islander corporation may send a report referred to in subsection (1) or (2) to a member using an electronic means if the member has nominated that means as one by which the member may be sent reports referred to in that subsection.

342-5(5)    
If a member of an Aboriginal and Torres Strait Islander corporation nominates:

(a)    an electronic means (the nominated notification means ) by which the member may be notified that reports referred to in subsection (1) or (2) are available; and

(b)    an electronic means (the nominated access means ) the member may use to access those reports;

the corporation may send a report referred to in that subsection to the member by notifying the member (using the nominated notification means):

(c)    that the report is available; and

(d)    how the member may make use of the nominated access means to access the report.

342-5(6)    
Subsections (4) and (5) do not limit subsection (1) or (2) .