Victorian Consolidated Legislation

Municipal Association Act 1907 - SECT 10CD

Accounts and report

10CD. Accounts and report



(1) The Association must keep a separate account for all money received or
expended on account of the insurance scheme.

(2) The Association must cause proper accounts and records of its transactions
in respect of the insurance scheme to be kept.

(3) The Association must cause to be prepared within four months after the end
of each financial year a financial report on the insurance scheme which must
include-

   (a)  a profit and loss account and a balance-sheet; and

   (b)  a report on the insurance scheme as at the end of the financial year-

and contain such information as is necessary to give a true and fair view of
the financial transactions and state of affairs of the insurance scheme.

(4) The financial report prepared pursuant to subsection (3) must be audited
by the registered company auditor.

(5) The Association must as soon as is practicable after the end of each
financial year and not later than the following 31 December submit to the
Minister and members the financial report prepared pursuant to subsection (3)
and the report of the auditor pursuant to subsection (4).

(6) The Minister must cause the financial report and the report of the auditor
submitted to the Minister under subsection (5) to be laid before the
Legislative Council and the Legislative Assembly before the expiration of the
fourteenth sitting day of the Legislative Council or the Legislative Assembly
(as the case may be) after the financial report and the report of the auditor
have been received by the Minister.

(7) For the purposes of this section, the financial year is the 12 month
period ending on 30 June.