265
CurrentObligation to keep financial records
265 Obligation to keep financial records
(1)
A co-operative 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 statements to be prepared and audited.
The obligation to keep financial records of transactions extends to transactions undertaken as trustee.
Maximum penalty—$2,500.
(2)
The co-operative must retain the financial records for 7 years after the transactions covered by the records are completed.
Maximum penalty—$2,500.
(3)
An offence based on subsection (1) or (2) is an offence of strict liability.
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