Document ID: chunk:federal_register_of_legislation:C2024C00492:section:6:p125
Version: federal_register_of_legislation:C2024C00492
Segment Type: section
Provision Reference: s 6 (pt 125/175)
Character Range: 487888–490570

in particular circumstances; and
 (c) may provide for the process by which an auditor is appointed; and
 (d) may provide for the process by which an auditor's appointment may be terminated; and
 (e) may provide that an auditor may resign only with the consent of the Registrar.

Division 342—Financial reporting to members

342‑1  What this Division is about

      An Aboriginal and Torres Strait Islander corporation that is required to produce a financial report and a directors' report for a financial year must give members copies of the reports on request.
      The corporation must also give members, on request, a copy of the auditor's report if the corporation has to obtain one.

342‑5  Annual financial reporting to members
 (1) An Aboriginal and Torres Strait Islander corporation that is required to prepare:
 (a) a financial report for a financial year; or
 (b) a directors' report for a financial year;
must give a copy of the report to each member who requests it under subsections (3A) and (3B).
Penalty: 10 penalty units.
 (2) An Aboriginal and Torres Strait Islander corporation that is required to have a financial report, or a part of a financial report, for a financial year audited must give a copy of the auditor's report to each member who requests it under subsections (3A) and (3B).
Penalty: 10 penalty units.
 (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.

Request for financial report, directors' report or auditor's report
 (3A) A member of the Aboriginal and Torres Strait Islander corporation may request the corporation to give the member a copy of:
 (a) a financial report for a financial year; or
 (b) a directors' report for a financial year; or
 (c) if the corporation is required to have a financial report, or a part of a financial report, for a financial year audited—the auditor's report in relation to the financial report or that part of a financial report.
 (3B) The request must be made:
 (a) during the financial year; or
 (b) within 12 months after the end of the financial year.
 (3C) If:
 (a) a member of the Aboriginal and Torres Strait Islander corporation requests the corporation to give the member a copy of a financial report; and
 (b) the corporation is required to have the financial report, or a part of the financial report, audited;
the member is taken, for the purposes of this section, to request the corporation also to give the member a copy of the auditor's report in relation to that financial report or that part of that financial report.
 (3D) If a member of the Aboriginal and Torres Strait Islander corporation