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ABORIGINAL LANDS ACT 1970 - SECT 18A Financial reports

ABORIGINAL LANDS ACT 1970 - SECT 18A

Financial reports

    (1)     A Trust must cause to be prepared—

        (a)     a balance-sheet as at the end of each financial year; and

        (b)     a profit and loss account in respect of each financial year.

    (2)     A balance-sheet must, when read in conjunction with a report by the committee of management under section 18B, give a true and fair view of the state of affairs of the Trust as at the end of the financial year.

    (3)     A profit and loss account must give a true and fair view of the profit or loss of the Trust for the financial year.

    (4)     A balance-sheet and profit and loss account prepared under subsection (1) must be audited by the auditor of the Trust.

S. 18B inserted by No. 33/2013 s. 12.