Obligation to keep financial records
244C Obligation to keep financial records
A co‑operative must keep written financial records that —
correctly record and explain its transactions and financial position and performance; and
would enable true and fair financial statements to be prepared and audited.
Penalty for this subsection: a fine of $2 500.
The obligation to keep financial records of transactions extends to transactions undertaken as trustee.
The co‑operative must retain the financial records for 7 years after the transactions covered by the records are completed.
Penalty for this subsection: a fine of $2 500.
Despite The Criminal Code section 23B(2), it is immaterial for the purposes of subsections (1) and (3) that any event occurred by accident.
[Section 244C inserted: No. 7 of 2016 s. 85.]
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