Unit Title Schemes (Management Modules) Regulations 2009

(a) ensure proper accounting records are kept for the body corporate; and

(b) prepare a statement (the annual financial statement) at the end of each financial year showing:

(i) all income and expenditure of the body corporate for the year; and

(ii) all assets and liabilities of the body corporate on the last day of the year, including details of any mortgage or charge over an asset.

(2) The committee must present the annual financial statement at the next annual general meeting held after the end of the financial year for which the statement was prepared.

(3) The committee must ensure each accounting record and annual financial statement is kept for at least 7 years after the date it is created.

Note for clause 55

Under regulation 7(2), each committee member commits an offence if the committee does not comply with subclause (1) or (3).