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 established.

(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.