Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 1218

1218. (1) In this section:

"prescribed day", in relation to a financial year of a futures broker, means
the day that is 3 months after the end of that financial year or, where, an
extension of time is approved pursuant to subsection (3), the day on which the
extended time ends.

(2) A futures broker (other than an Australian bank) shall, in respect of each
financial year, other than a financial year that ended before the date of
commencement of this Act or ended on or after that date but before the date on
which the broker commenced to carry on business as a futures broker, prepare a
true and fair profit and loss account and balance sheet on the basis of such
accounting principles (if any) and containing such information and matters as
are prescribed for the purposes of this subsection and lodge them with the
Commission before the prescribed day for that financial year, together with an
auditor's report containing such information and matters as are prescribed for
the purposes of this subsection and such other information and matters as the
auditor thinks fit to include in the report.

(3) The Commission may, on application made by a futures broker and the
auditor of the broker before the end of the period of 3 months referred to in
the definition of "prescribed day" in subsection (1) or, if that period has
been extended pursuant to an approval or approvals previously given under this
subsection, before the end of the period as so extended, approve an extension
or further extension of the period, and such an approval may be given subject
to such conditions (if any) as the Commission imposes.

(4) Where an approval under subsection (3) in relation to a futures broker is
given subject to conditions, the broker shall comply with those conditions.