Victorian Consolidated Legislation

Aboriginal Lands Act 1970 - SECT 18

Accounts

18. Accounts



(1) A Trust shall cause to be kept proper books of account giving a true and
complete account of the affairs and transactions of the Trust.

(2) A Trust shall cause a balance-sheet as at the end of each financial year,
and a profit and loss account in respect of each such year, to be prepared
and, after being audited by the auditor, laid before the first annual general
meeting of the Trust held after the end of that financial year:

Provided that, for the purposes of the balance-sheet and profit and loss
account to be laid before the first annual general meeting of a Trust, a
period which elapses between the incorporation of the Trust and the beginning
of the first full financial year during which the Trust is in existence shall
be deemed to form part of that financial year.

(3) Every balance-sheet of a Trust shall, when read in conjunction with the
statement required to be made by subparagraph (ii) of paragraph (b) of
subsection (4), give a true and fair view of the state of affairs of the Trust
as at the end of the financial year, and every profit and loss account shall
give a true and fair view of the profit or loss of the Trust for the financial
year.

(4) A Trust shall cause to be annexed to every balance-sheet and profit and
loss account laid before an annual general meeting of the Trust-

   (a)  the report of the auditor thereon; and

   (b)  a report by the committee of management concerning the state of the
        affairs of the Trust containing, in particular-

   (i)  a statement of the amount (if any) which the committee has determined
        is available for distribution in the form of dividends; and

   (ii) with respect to the assets of the Trust, a statement setting out their
        estimated current market value and the liabilities charged on or
        relating particularly to those assets.

(5) A Trust shall, at least fourteen days before each annual general meeting,
send a copy of the balance-sheet, profit and loss account, report of the
auditor and report of the committee of management to be laid before the Trust
at the meeting to all persons entitled to receive notice of general meetings
of the Trust.