STRATA TITLES ACT 1988 - SECT 40
STRATA TITLES ACT 1988 - SECT 40
(1) A
strata corporation must—
(i)
a minute book containing minutes of its meetings; and
(ii)
proper accounting records in respect of its receipts and
expenditure;
(b)
ensure that a proper statement of accounts is prepared in respect of each
accounting period;
(c) keep
a record of any notice or order served on the corporation;
(d)
retain for such period as may be prescribed—
(i)
the minute book and accounting records kept under
paragraph (a);
(ii)
a copy of any statement of account prepared under
paragraph (b);
(iii)
any notice or order referred to in paragraph (c);
(iv)
a copy of any correspondence received or sent by the
corporation;
(v)
notices of meetings of the corporation and its management
committee;
(vi)
such other documentary material as may be prescribed.
(2) An accounting
period for a strata corporation is—
(a) a
period—
(i)
commencing on the commencement of this Act, the date of
incorporation of the corporation or the end of a previous accounting period
(whichever is the later); and
(ii)
ending on the following 30 June; or
(b) a
period of not less than 9 months and not more than 18 months fixed by the
corporation as an accounting period (but the corporation's accounting periods
must be consecutive, following immediately one upon the other).