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CORPORATIONS (ABORIGINAL AND TORRES STRAIT ISLANDER) ACT 2006 - SECT 336.1 Registrar may require additional report, or otherwise increase reporting requirements, for particular corporation

CORPORATIONS (ABORIGINAL AND TORRES STRAIT ISLANDER) ACT 2006 - SECT 336.1

Registrar may require additional report, or otherwise increase reporting requirements, for particular corporation

Additional report or additional reporting requirements

  (1)   The Registrar may:

  (a)   determine, in writing, that a particular Aboriginal and Torres Strait Islander corporation must prepare a report in addition to any general report or section   333 - 5 reports the corporation is required to prepare; or

  (b)   determine, in writing, that a particular Aboriginal and Torres Strait Islander corporation must:

  (i)   include particular additional information in a general report or section   333 - 5 report; or

  (ii)   meet particular additional requirements in relation to the manner in which a general report or section   333 - 5 report is to be prepared; or

  (iii)   provide a general report or section   333 - 5 report to its members (whether generally or on request); or

  (iv)   provide a general report or section   333 - 5 report to its members within the time, and in the manner, specified in the determination.

Note:   See Part   7 - 5 for the criteria the Registrar must apply in deciding whether to make a determination under this subsection.

  (2)   A determination under subsection   (1) is not a legislative instrument.

Additional reports

  (3)   A determination under paragraph   (1)(a) must specify:

  (a)   the information to be included in the report; and

  (b)   any other requirements to be met in relation to the manner in which the report is prepared.

  (4)   A determination under paragraph   (1)(a) may require the report to be prepared:

  (a)   for a particular period or periods; or

  (b)   in relation to circumstances as they exist as at particular date or dates.

This subsection does not limit subsection   (3).

  (5)   The determination may require the report to be prepared for all periods of a particular kind that start or end on or after a date specified in the determination. This subsection does not limit subsection   (3).

  (6)   A determination under paragraph   (1)(a) may:

  (a)   specify that the report is to be provided to the corporation's members (whether generally or on request); and

  (b)   specify the time by which, and the manner in which, the report is to be provided to the corporation's members.

Additional requirements for financial report

  (7)   If a section   333 - 5 report is a financial report, the Registrar may determine under paragraph   (1)(b) that one or more of the following requirements must be met in relation to the report:

  (a)   a requirement that the report, or a part of it, be audited;

  (b)   a requirement that the auditor be:

  (i)   an individual auditor who has particular qualifications or experience; or

  (ii)   an audit firm that has a member or members who have particular qualifications or experience; or

  (iii)   an authorised audit company;

  (c)   a requirement that a person may only participate in the conduct of the audit in a particular capacity if the person has the qualifications or experience specified in the regulations;

  (d)   a requirement that the audit of the report, or a part of it, be conducted in accordance with the auditing standards.

This subsection does not limit paragraph   (1)(b).

Determination

  (8)   A determination under subsection   (1) may be in respect of a past or future period but if it is in respect of a past period, the determination must be made no later than 6 years after the end of that period.

  (9)   The Registrar may, in writing, revoke, vary or suspend a determination under subsection   (1).

  (10)   A revocation, variation or suspension under subsection   (9) is not a legislative instrument.

Notice of determination

  (11)   The Registrar must give the corporation written notice of the making, revocation, variation or suspension of the determination.