Victorian Current Acts Victorian Current Acts(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.
S. 10D inserted by No. 7609 s. 4.