Division 2Division 2 Tier 2 associations
This Division applies to any association to which Division 1 does not apply (a Tier 2 association).
(1) As soon as practicable after the end of each financial year, the committee of a Tier 2 association must cause financial statements for that year to be prepared, in accordance with this section, in relation to the association’s financial affairs (including its affairs as trustee of any trust).Maximum penalty: 5 penalty units.
(2) The financial statements must give a true and fair view of the association’s affairs and must deal with such matters as are prescribed by the regulations.
48 Submission of financial statements to AGM
At each annual general meeting of a Tier 2 association, the association’s committee must cause the association’s financial statements for the previous financial year to be submitted to the meeting.Maximum penalty: 5 penalty units.
49 Lodgment of summary with Director-General
(1) A Tier 2 association must lodge with the Director-General, in accordance with this section, a summary, in the approved form, of the association’s financial affairs for the previous financial year.Maximum penalty: 5 penalty units.
(2) The summary:(a) must be lodged within:(i) one month after the annual general meeting for the current financial year, or(ii) 7 months after the end of the previous financial year,whichever is the earlier, or within such further time as the Director-General may allow, and(b) must be accompanied by the fee prescribed by the regulations.(3) For the avoidance of doubt, the summary is taken not to have been lodged if the relevant fee has not been paid.