Document ID: chunk:federal_register_of_legislation:C2007C00134:clause:2_25a
Version: federal_register_of_legislation:C2007C00134
Segment Type: clause
Provision Reference: sch 2 cl 25A
Character Range: 163899–164734

25A  Accounting records

 (1) The Board must keep proper accounts and records of the Fund's transactions and affairs in accordance with the accounting principles generally applied in commercial practice.

 (2) The Board must do all things necessary to ensure that:
 (a) all payments out of the Fund are correctly made and properly authorised; and
 (b) adequate control is maintained over the assets of the Fund and over the incurring of liabilities by the Board in respect of the Fund.

 (3) If a requirement of this section is contravened, each member of the Board who intentionally:
 (a) caused the contravention; or
 (b) failed to take all reasonable steps to comply with the requirement, or secure compliance with the requirement;
is guilty of an offence.

Penalty for contravention of subsection (3):  Imprisonment for 6 months