Northern Territory Consolidated Acts Northern Territory Consolidated Acts(1) The committee of an incorporated association must ensure a statement of the association's accounts are prepared:
(a) before the end of the period within which an annual general meeting of the association is required to be held under section 35 or 36; or
(b) if the association is exempt under section 5 from the requirement to hold an annual general meeting:
(i) as soon as practicable after 30 June; or
(ii) if under the constitution of the association the financial year of the association ends on another date – as soon as practicable after that date.
(2) The statement of accounts must not be misleading and must give a true and fair account of:
(a) the income and expenditure of the association during the last financial year of the association; and
(b) the assets and liabilities of the association at the end of that financial year; and
(c) mortgages, charges or other securities of any description affecting property of the association at the end of that financial year; and
(d) in relation to each trust of which the association was the trustee for any period during that financial year:
(i) the income and expenditure of the trust during that period; and
(ii) the assets and liabilities of the trust at the end of that period; and
(iii) all mortgages, charges or other securities of any description affecting the property of the trust during that period; and
(e) any prescribed matters.
Maximum penalty: 100 penalty units.