Place where records are kept (cf Corporations Act s 289)
268 Place where records are kept (cf Corporations Act s 289)
A co-operative may decide where to keep the financial records.
(2) If financial records about particular matters are kept outside this jurisdiction, the co-operative must ensure that sufficient written information about those matters are kept in this jurisdiction to enable true and fair financial statements to be prepared.
Maximum penalty: $2 500.
(3) If financial records about particular matters are kept outside this jurisdiction, the co-operative must give the Registrar written notice in the approved form of the place where the information is kept.
Maximum penalty: $2 500.
(4) The Registrar may direct a co-operative to produce specified financial records that are kept outside this jurisdiction. The co‑operative must comply with the direction.
Maximum penalty: $2 000.
The direction must:
be in writing; and
(b) specify a place in this jurisdiction where the records are to be produced (the place must be reasonable in the circumstances); and
(c) specify a day (at least 14 days after the direction is given) by which the records are to be produced.
(6) An offence based on subsection (2), (3) or (4) is an offence of strict liability.
This Act’s bill:Explanatory statement
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