Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document

 Download WordDownload Word  Download PDFDownload PDF 


Bill home page
Table Of Contents
Previous Fragment    Next Fragment
Corporations (Aboriginal and Torres Strait Islander) Bill 2006

Part 7-2 Record keeping requirements

Division 322 Record keeping requirements

322-1   What this Part is about

This Part sets out:

•      the records that an Aboriginal and Torres Strait Islander corporation is required to keep (under Part 4-5 the corporation is also required to keep a register of members and a register of former members); and

•      how the records are required to be kept.

It also deals with directors’ access to the records (see section 322-25). Other persons’ access to records is dealt with in the following provisions:

•      a member may apply to the Court for an order to inspect the records (see section 175-1);

•      the auditor has a right of access to the records (see section 339-85);

•      a controller of an Aboriginal and Torres Strait Islander corporation’s property (for example, a receiver or receiver and manager) has a right of access to the records (see section 431 of the Corporations Act (as applied by section 516-1 of this Act));

•      the Registrar has certain powers in relation to the records under Chapter 10.

322-5   Obligation to keep copy of constitution and records about officers, contact person, etc.

                   An Aboriginal and Torres Strait Islander corporation must keep:

                     (a)  an up-to-date copy of its constitution (incorporating changes to the constitution); and

                     (b)  written records relating to:

                              (i)  the names and addresses of the corporation’s current officers and secretary or contact person (as the case may be); and

                             (ii)  the corporation’s registered office (if any); and

                            (iii)  the corporation’s document access address (if any); and

                            (iv)  such other matters about the corporation as are set out in the regulations.

Note:          An Aboriginal and Torres Strait Islander corporation is also required to maintain a register of members and a register of former members under Part 4-5.

322-10   Obligation to keep financial records

             (1)  An Aboriginal and Torres Strait Islander corporation must keep written financial records that:

                     (a)  correctly record and explain its transactions and financial position and performance; and

                     (b)  would enable true and fair financial reports to be prepared and audited.

The obligation to keep financial records of transactions extends to transactions undertaken as trustee.

Penalty:  25 penalty units or imprisonment for 6 months, or both.

Note:          Section 700-1 defines financial records .

Period for which records must be retained

             (2)  The financial records must be retained for 7 years after the transactions covered by the records are completed.

Penalty:  25 penalty units or imprisonment for 6 months, or both.

Strict liability offences

             (3)  An offence against subsection (1) or (2) is an offence of strict liability.

Note:          For strict liability , see section 6.1 of the Criminal Code .

322-15   Physical format

             (1)  If the records that an Aboriginal and Torres Strait Islander corporation is required to keep under this Division are kept in electronic form, the records must be convertible into hard copy. Hard copy must be made available, within a reasonable time, to a person who is entitled to inspect the records.

Penalty:  25 penalty units or imprisonment for 6 months, or both.

             (2)  An offence against subsection (1) is an offence of strict liability.

Note:          For strict liability , see section 6.1 of the Criminal Code .

322-20   Place where records are kept

             (1)  If an Aboriginal and Torres Strait Islander corporation is registered as a large corporation, the records that the corporation is required to keep under this Division must be kept at the corporation’s registered office.

Penalty:  25 penalty units or imprisonment for 6 months, or both.

             (2)  If an Aboriginal and Torres Strait Islander corporation is registered as a small or medium corporation, the records that the corporation is required to keep under this Division must be kept at the corporation’s document access address.

Penalty:  25 penalty units or imprisonment for 6 months, or both.

             (3)  An offence against subsection (1) or (2) is an offence of strict liability.

Note:          For strict liability , see section 6.1 of the Criminal Code .

322-25   Director access

Personal access

             (1)  A director of an Aboriginal and Torres Strait Islander corporation has a right of access to the records that the corporation is required to keep under this Division.

Note:          See also section 376-1.

Court order for inspection on director’s behalf

             (2)  On application by a director, the Court may authorise a person to inspect the records on the director’s behalf.

             (3)  A person authorised to inspect records may make copies of the records unless the Court orders otherwise.

             (4)  The Court may make any other orders it considers appropriate, including either or both of the following:

                     (a)  an order limiting the use that a person who inspects the records may make of information obtained during the inspection;

                     (b)  an order limiting the right of a person who inspects the records to make copies in accordance with subsection (3).