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Sale and Supply of Alcohol Act 2012

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

382: Accounting records

You could also call this:

“Keep track of a community trust's money by keeping accurate and easy-to-understand financial records.”

If you are a trustee of a community trust, you must keep accounting records at all times. These records must correctly show all the transactions of the community trust. They must also help you make sure the financial statements of the community trust comply with this Act.

You must set up and maintain a good system to control these accounting records. The records must be kept in written form in English, or in a form that can easily be turned into written English. This will help you keep track of the community trust’s finances.

If you do not keep these accounting records, you can commit an offence and be liable for a penalty, as 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=DLM3339936.

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381: Financial year, or

"When a community trust's year for tracking money starts and ends"

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383: Financial statements, or

"Trustees must prepare and publicly share accurate financial reports each year"

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

382Accounting records

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

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

        1. The trustees of a community 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 trustees fail to comply with this section, each trustee 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 trustees were the board of a company.

            Notes
            • Section 382 heading: replaced, on , by section 126 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).
            • Section 382(1): replaced, on , by section 126 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).
            • Section 382(1A): inserted, on , by section 126 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).
            • Section 382(1B): inserted, on , by section 126 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).
            • Section 382(2): amended, on , by section 126 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).