Associations Incorporation Act 1981 (Victoria)/Part VI
PART VI—GENERAL MEETINGS AND ACCOUNTS
30 Annual general meeting
[edit](1) An incorporated association shall, at least once in each calendar year, convene a general meeting, to be called an annual general meeting, of its members.
(2) An incorporated association may hold its first annual general meeting at any time within the period of eighteen months after its incorporation.
(2A) The second and any subsequent annual general meeting must be held within 5 months after the end of the financial year of the incorporated association.[1]
(3) At the annual general meeting of an incorporated association, the incorporated association shall submit to its members a statement containing the particulars of the following—[2]
(a) the income and expenditure of the incorporated association during its last financial year;
(b) the assets and liabilities of the incorporated association at the end of its last financial year;
(c) the mortgages, charges and securities of any description affecting any of the property of the incorporated association at the end of its last financial year; and
(d) in respect of each trust of which the incorporated association was trustee during a period, being the whole or any part of the last financial year of the incorporated association—[3]
- (i) the income and expenditure of the trust during that period;
- (ii) the assets and liabilities of the trust during that period; and
- (iii) the mortgages, charges and securities of any description affecting any of the property of the trust at the end of that period; and
(e) any trust, held on behalf of the incorporated association by a person or body other than the incorporated association, in which funds or assets of the incorporated association are placed.[4]
(3A) The statements submitted under subsection (3) must—[5]
(a) give a true and fair view of the financial position of the incorporated association during and at the end of its last financial year; and
(b) in the case of a prescribed association, be accompanied by the accounts audited in accordance with section 30B.
(3B) At, or as soon as practicable after, the conclusion of the annual general meeting of an incorporated association a committee member must certify, in the form approved by the Registrar, that—[6]
(a) the committee member attended the annual general meeting; and
(b) the statement referred to in subsection (3) was submitted to the members of the incorporated association at the annual general meeting.
(4) [7]The public officer of an incorporated association must, within one month after the date of the annual general meeting of the incorporated association or, if the annual general meeting is not held within the period within which it is required by this section to be held, within one month after the last day of that period, give to the Registrar a statement in the form approved by the Registrar—
(a) containing the particulars referred to in subsection (3) and any other prescribed particulars;[8] and
(aa) in the case of a prescribed association, accompanied by a copy of the accounts audited in accordance with section 30B and a copy of the auditor's report referred to in section 30B(1A);[9] and
(b) if the meeting has been held, containing a statement from the public officer that the certificate referred to in subsection (3B) has been completed and signed by a committee member who attended the annual general meeting and that the certificate is being kept by the incorporated association;[10] and
(c) if the meeting has been held, accompanied by a statement of the terms of any resolution passed at that meeting concerning that statement; and
(d) accompanied by the prescribed fee (if any).
- Penalty: 5 penalty units.
(4A) The incorporated association must keep the statement referred to in subsection (3) and the certificate referred to in subsection (3B) for at least 7 years after the date of submission or signature (as required).[11]
- Penalty: 20 penalty units.
(5) The Registrar may, on the application of the public officer of an incorporated association accompanied by the prescribed fee, in his discretion, extend, or further extend, the period for holding a general meeting or giving a statement under subsection (4).[12]
(6) An application for an extension under subsection (5) may be made, and the power of the Registrar under that subsection may be exercised, notwithstanding that the period sought to be extended has expired.[13]
(7) The Registrar may, by notice in writing given to an incorporated association, exempt the incorporated association either generally or in relation to a specified year from complying with the provisions of subsection (4) and may, by notice in writing under his hand given to an incorporated association, revoke any general exemption given under this subsection to the incorporated association.
(7A) An incorporated association must make available for inspection by its members a copy of the trust deed of any trust referred to in a statement under subsection (3)(e).[14]
(8) Where an incorporated association fails to comply with the provisions of this section, the incorporated association and each member of the committee or other body having the management of the incorporated association is guilty of an offence and liable to a penalty not exceeding 5 penalty units.[15]
30A Accounting records
[edit]
An incorporated association must maintain adequate and accurate accounting records of the financial transactions of the incorporated association.
- Penalty: 5 penalty units.
30B Accounts of prescribed associations
[edit]
(1) A prescribed association must, after the end of each financial year of the incorporated association cause its accounts to be audited by—
(a) a registered company auditor; or
(b) a firm of registered company auditors; or S. 30B(1)(c) amended by No. 8/2003 s. 11(1).
(c) a person who is a member of CPA Australia or the Institute of Chartered Accountants in Australia; or
(d) any other person who is approved by the Registrar as an auditor of the accounts of the incorporated association for the purposes of this section.
- Penalty: 10 penalty units.
(1A) A person who audits the accounts of a prescribed association must provide the association with a written report of the audit.[18]
(2) A person may not be appointed as auditor of the accounts of the incorporated association for the purposes of this section if the person is—
(a) a member of the committee of the incorporated association; or
(b) an employer or employee of a member of that committee; or
(c) a member of the same partnership as a member of that committee; or
(d) an employee of the incorporated association.
(2A) The Registrar may grant approval to a suitably qualified person or class of suitably qualified persons (other than a person referred to in subsection (2)) to audit the accounts of a prescribed association or a class of prescribed associations. [19]
(3) A prescribed association must keep all accounting records of the incorporated association for a period of 7 years after the completion of the transactions to which they relate.
- Penalty: 5 penalty units.
(4) An incorporated association may apply in writing to the Registrar for an exemption from the requirements of subsection (1).
(5) The Registrar may grant the exemption subject to any conditions the Registrar thinks fit.
(6) The Registrar may at any time, by notice in writing, vary or revoke an exemption under this section.
Footnotes
[edit]- ↑ S. 30(2A) inserted by No. 57/1997 s. 19(1).
- ↑ S. 30(3) amended by No. 57/1997 s. 19(2).
- ↑ S. 30(3)(d) amended by No. 57/1997 s. 19(3).
- ↑ S. 30(3)(e) inserted by No. 57/1997 s. 19(3).
- ↑ S. 30(3A) inserted by No. 57/1997 s. 19(4).
- ↑ S. 30(3B) inserted by No. 8/2003 s. 10(1).
- ↑ S. 30(4) substituted by No. 69/1987 s. 6, amended by Nos 57/1997 s. 19(5)(b), 35/2000 s. 3(b).
- ↑ S. 30(4)(a) amended by No. 35/2000 s. 3(d).
- ↑ S. 30(4)(aa) inserted by No. 57/1997 s. 19(5)(a), amended by No. 8/2003 s. 10(2).
- ↑ S. 30(4)(b) substituted by No. 8/2003 s. 10(3).
- ↑ S. 30(4A) inserted by No. 8/2003 s. 10(4).
- ↑ S. 30(5) amended by No. 10236 s. 8(2)(b).
- ↑ S. 30(6) amended by No. 10236 s. 8(2)(c).
- ↑ S. 30(7A) inserted by No. 57/1997 s. 19(6).
- ↑ S. 30(8) amended by Nos 10236 s. 8(2)(d), 57/1997 s. 19(7).
- ↑ S. 30A inserted by No. 57/1997 s. 20.
- ↑ S. 30B inserted by No. 57/1997 s. 20.
- ↑ S. 30B(1A) inserted by No. 8/2003 s. 11(2).
- ↑ S. 30B(2A) inserted by No. 8/2003 s. 11(3).