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Sale and Supply of Alcohol Act 2012

Licensing trusts, community trusts, and other matters - Licensing trusts - Conduct of business

333: Accounting records

You could also call this:

"Keep track of money with clear and easy-to-check records, as required by the Sale and Supply of Alcohol Act 2012."

You must keep accounting records that correctly record the transactions of the licensing trust. These records must help you ensure the financial statements comply with the Sale and Supply of Alcohol Act 2012. They must also be easy to audit.

You have to set up a good system to control these accounting records. The records must be in written form in English or in a form that is easily accessible and can be converted into written form in English.

If you do not keep these records, you can commit an offence and be liable to a penalty set out in section 374(2) of the Companies Act 1993, but subject to section 376 of that Act.

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This page was last updated on

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM3339872.

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332: Financial year, or

"When a licensing trust's year starts and ends, from 1 April to 31 March next year."

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334: Financial statements, or

"Licensing trusts must prepare and share their financial statements with the public each year."

Part 3Licensing trusts, community trusts, and other matters
Licensing trusts: Conduct of business

333Accounting records

  1. The members of a licensing trust must ensure that there are kept at all times accounting records that—

  2. correctly record the transactions of the licensing trust; and
    1. will enable the members to ensure that the financial statements of the licensing trust comply with this Act; and
      1. will enable the financial statements of the licensing trust to be readily and properly audited.

        1. The members of a licensing trust must establish and maintain a satisfactory system of control of the accounting records.

        2. The accounting records must be kept—

        3. in written form in English; or
          1. in a form or manner in which they are easily accessible and convertible into written form in English.

            1. If the members fail to comply with this section, each member commits an offence and is liable on conviction to the penalty set out in section 374(2) of the Companies Act 1993 but subject to section 376 of that Act, which applies as if the members were the board of a company.

            Notes
            • Section 333 heading: replaced, on , by section 126 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).
            • Section 333(1): replaced, on , by section 126 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).
            • Section 333(1A): inserted, on , by section 126 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).
            • Section 333(1B): inserted, on , by section 126 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).
            • Section 333(2): amended, on , by section 126 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).