Document ID: chunk:federal_register_of_legislation:C2024C00492:section:6:p103
Version: federal_register_of_legislation:C2024C00492
Segment Type: section
Provision Reference: s 6 (pt 103/175)
Character Range: 432319–435223

Torres Strait Islander corporation, from obligations imposed by Part 7‑2 or 7‑3 or by regulations made for the purposes of Part 7‑2 or 7‑3. These determinations can also relieve officers and auditors from obligations imposed by this Chapter.
      The regulations may modify the operation of Parts 7‑2 and 7‑3 (see Part 7‑7).
      Part 7‑8 deals with the books kept by an Aboriginal and Torres Strait Islander corporation.

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