Part 13 Records, audit and information to be provided by corporation

(1) A community corporation must maintain a register of the names of the owners of the community lots which shows—

(a) the owner's last contact address, telephone number and email address known to the corporation; and

(b) the owner's lot entitlement.

(2) A corporation must keep a record of the information used to compile the register for the period required by the regulations.

A community corporation must—

(a) make proper accounting records of its receipts and expenditure; and

(b) make a record of any notice or order served on the corporation; and

(c) make such other records as are prescribed by the regulations,

and must keep—

(d) the records referred to in paragraphs (a), (b) and (c); and

(e) the minutes of meetings of the corporation; and

(f) a copy of all correspondence received or sent by the corporation; and

(g) copies of all notices of meetings of the corporation and its management committee (if any); and

(h) such other documentary material as may be prescribed by the regulations,

for the period or periods required by the regulations.

(1) A community corporation must prepare a statement of accounts in respect of each financial year showing—

(a) the assets and liabilities of the corporation at the end of the financial year;

(b) the income and expenditure of the corporation for the financial year.

(2) Copies of statements prepared under subsection (1) must be kept by the corporation for the period prescribed by regulation.

(1) Subject to subsection (4), a community corporation must have the annual statement of accounts audited unless it is exempted from this requirement by the regulations.

(2) The auditor must be a registered company auditor within the meaning of the Corporations Act 2001 of the Commonwealth.

(3) A member of the corporation and any person who has a personal or pecuniary interest in the results of an audit must not be appointed as auditor.

(4) An annual statement of accounts in respect of a financial year need not be audited in any of the following circumstances:

(a) if—

(i) the aggregate of the contributions made or to be made by members of the corporation in respect of that year does not exceed the amount prescribed by regulation; and

(ii) the balance standing to the credit of the administrative fund and the sinking fund at the commencement of that year does not exceed the amounts prescribed by regulation;

(b) if all community lots are owned by the same person;

(c) if—

(i) the community scheme consists only of lots used for residential purposes; and

(ii) there are not more than 6 community lots; and

(iii) the community corporation, by unanimous resolution, resolves not to have the statement of accounts for that financial year audited.

(1) A community corporation must, on application by or on behalf of the owner or prospective owner or the registered mortgagee or prospective mortgagee of a community lot or a development lot, within 5 business days after the making of the application—

(a) provide a statement setting out—

(i) particulars of any contribution payable in relation to the lot (including details of any arrears of contributions in relation to the lot); and

(ii) particulars of the assets and liabilities of the corporation; and

(iii) particulars of any expenditure that the corporation has incurred, or has resolved to incur, and to which the owner of the lot must contribute, or is likely to be required to contribute; and

(iv) particulars in relation to any other matter prescribed by regulation; and

(b) provide copies of—

(i) the minutes of general meetings of the corporation and meetings of its management committee (if any) for such period, not exceeding two years, specified in the application; and

(ii) the statement of accounts of the corporation last prepared by the corporation; and

(iii) current policies of insurance taken out by the corporation; and

(c) make available for inspection such information as is required to establish the current financial position of the corporation including—

(i) a copy of the accounting records of the corporation; and

(ii) the minute books of the corporation; and

(iii) any other documentary material prescribed by regulation; and

(d) if the community corporation is a party to a contract with a body corporate manager—make available for inspection a copy of the contract; and

(e) make available for inspection the register maintained under section 135.

Maximum penalty: $500.

(1a) A community corporation must, on application by an owner of a community lot or a development lot provide the applicant, on a quarterly basis, with ADI statements for all accounts maintained by the corporation (and must continue to so provide the statements until the applicant ceases to be an owner or revokes the application).

Maximum penalty: $500.

(1b) Subsection (1a) does not apply to a community corporation if a body corporate manager maintains the accounts on behalf of the corporation.

(2) An application under this section must be accompanied by the fee prescribed by regulation.

(3) A community corporation must not charge more than the fee prescribed by regulation in respect of a service provided in pursuance of an application under this section.

Maximum penalty: $500.

(4) The application is duly made if given or sent to—

(a) the secretary of the community corporation;

(b) if the community corporation has a management committee—any member of the management committee.

(5) A person to whom a statement of a community corporation is provided under subsection (1)(a) may, as against the corporation, rely on the statement as conclusive evidence (as at the date of the statement) of the matters contained in the statement.

(1) The owner or prospective owner or the registered mortgagee or prospective mortgagee of a secondary lot or a development lot in a secondary scheme may apply to the primary corporation for information under section 139.

(2) The owner or prospective owner or the registered mortgagee or prospective mortgagee of a tertiary lot or a development lot in a tertiary scheme may apply to the primary or secondary corporation for information under section 139.

(3) Section 139 will apply to and in relation to an application referred to in subsection (1) or (2) as though the lot concerned were a primary lot instead of a secondary lot or a development lot in a secondary scheme or a primary or secondary lot instead of a tertiary lot or a development lot in a tertiary scheme.