Commonwealth Consolidated Acts

COMMONWEALTH AUTHORITIES AND COMPANIES ACT 1997 - SECT 30

             (1)  If the annual accounting period of a subsidiary of a Commonwealth authority is not the same as the financial year of the authority, the directors of the authority must do whatever is necessary to ensure that the annual accounting period of the subsidiary becomes the same as the authority's financial year:

                     (a)  within 12 months after the subsidiary becomes a subsidiary; or

                     (b)  within 12 months after the commencement of this Act;

                   whichever is later.

             (2)  If the annual accounting period of a subsidiary is already the same as the authority's financial year, the directors must do whatever is necessary to ensure that it continues to be the same.

             (3)  A director of a Commonwealth authority contravenes this subsection if the director:

                     (a)  causes this section to be contravened; or

                     (b)  fails to take all reasonable steps to comply with, or secure compliance with, this section.

Note:          This is a civil penalty provision (see Schedule 2).

             (4)  A director of the authority commits an offence if the director contravenes subsection (3) and the contravention is dishonest.

Penalty for a contravention of this subsection: 2,000 penalty units or imprisonment for 5 years, or both.