Place where records are kept
244F Place where records are kept
A co‑operative may decide where to keep the financial records.
If financial records about particular matters are kept outside the State, the co‑operative must ensure that sufficient written information about those matters is kept in the State to enable true and fair financial statements to be prepared.
Penalty for this subsection: a fine of $2 500.
If financial records about particular matters are kept outside the State, the co‑operative must give the Registrar written notice in the form approved by the Registrar of the place where the information is kept.
Penalty for this subsection: a fine of $2 500.
The Registrar may direct a co‑operative to produce specified financial records that are kept outside the State.
The co‑operative must comply with a direction under subsection (4).
Penalty for this subsection: a fine of $2 000.
A direction under subsection (4) must —
be in writing; and
specify a place in the State where the records are to be produced (the place must be reasonable in the circumstances); and
specify a day (at least 14 days after the day on which the direction is given) by which the records are to be produced.
Despite The Criminal Code section 23B(2), it is immaterial for the purposes of subsections (2), (3) and (5) that any event occurred by accident.
[Section 244F inserted: No. 7 of 2016 s. 85.]
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