Document ID: chunk:federal_register_of_legislation:C2024C00492:section:6:p104
Version: federal_register_of_legislation:C2024C00492
Segment Type: section
Provision Reference: s 6 (pt 104/175)
Character Range: 434953–437724

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