Australian Capital Territory Repealed Acts

This legislation has been repealed.

CO-OPERATIVE SOCIETIES ACT 1939 (REPEALED) NO 9 - SECT 42C

    (1)     The directors of a society that is a holding society at the end of a particular financial year shall attach to the group accounts included in the society's accounts for the financial year a statement that complies with this section and section 42D.

    (2)     The statement shall state whether or not, in the directors' opinion, the group accounts give a true and fair view of—

        (a)     the group's profit or loss for; and

        (b)     the group's state of affairs as at the end of;

that financial year and the corresponding financial years of the subsidiaries in the same group, so far as the profit or loss and state of affairs concern members of the society.

    (3)     In forming their opinion for subsection (2), the directors shall have regard to circumstances that have arisen, and information that has become available, since—

        (a)     for circumstances or information about the society—the end of the financial year; or

        (b)     for circumstances or information about a subsidiary in the same group—the end of the corresponding financial year of that society;

and that would, if the group accounts had been kept when the statement is made, have affected the determination of an amount or particular in them.

    (4)     If adjustments have not been made in the group accounts to reflect circumstances or information of a kind referred to in subsection (3) that are or is relevant to understanding the accounts or an amount or particular in them, the statement shall include the information and explanations that will prevent the accounts, or that amount or particular, from being misleading because adjustments have not been so made.

    (5)     The statement shall state whether or not the group accounts have been kept in accordance with all applicable accounting standards.

    (6)     If the group accounts have not been kept in accordance with a particular applicable accounting standard, the statement shall—

        (a)     state why the accounts, if kept in accordance with that accounting standard, would not have given a true and fair view of the matters with which they are required to deal; and

        (b)     give particulars of the quantified financial effect on the group accounts of failing to keep them in accordance with that accounting standard.

    (7)     If—

        (a)     the society has been dormant throughout the period beginning at the start of the financial year and ending on the day the statement is made; and

        (b)     a subsidiary of the society at any time during the financial year has been dormant throughout each period since the start of the financial year during which it was a subsidiary of the society;

the statement shall state that the society and each such subsidiary have so been dormant.