(1) A tier 2
association in respect of a financial year must ensure that its financial
report for the year is reviewed in accordance with Divisions 5, 6 and 7.
Penalty: a fine of $2 750.
(2) Subsection (1)
does not apply if the tier 2 association is required under subsection (3) to
have the financial report audited.
(3) A tier 2
association in respect of a financial year must ensure that its financial
report for the year is audited in accordance with Divisions 5, 6 and 7 if
—
(a) a
majority of the members present at a general meeting of the association make a
resolution to that effect; or
(b) the
association is directed by the Commissioner to do so.
Penalty: a fine of $2 750.