Part 3Licensing trusts, community trusts, and other matters
Licensing trusts: Conduct of business
334Financial statements
The members of a licensing trust must ensure that, within 5 months after the end of each financial year, financial statements are prepared for the trust for the financial year.
The financial statements must be prepared in accordance with generally accepted accounting practice.
The financial statements must be audited by the Auditor-General.
The audited financial statements must, as soon as practicable after the completion of their audit, be publicly notified in accordance with regulations made under this Act.
If the members fail to comply with the requirements of 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 334(1): amended, on , by section 126 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).