Commons Management Act 1989 No 13
40 Financial year of a trust
(1) Subject to this section, the financial year of a trust is the
period of 12 months beginning:
(a) in the case of a trust that has had a previous financial
year—at the end of that year, and
(b) in the case of a trust that has not had a previous financial
year—on the date on which the trust was
(2) A general meeting of commoners may, by resolution, vary the
financial year of the trust concerned by substituting:
(a) a period shorter than the existing period, or
(b) a period longer than the existing period, so long as the
substituted period is not longer than 18 months.
(3) A resolution under subsection (2) has no effect if it would
prevent the trust from complying with section 31 with respect to the holding
of annual general meetings of commoners.