Commonwealth Numbered Acts

COMMONWEALTH AUTHORITIES AND COMPANIES ACT 1997 No. 153 of 1997 - SECT 30

(1) If the annual accounting period of a subsidiary of a Commonwealth
authority is not the same as the financial year of the authority, the
directors of the authority must do whatever is necessary to ensure that the
annual accounting period of the subsidiary becomes the same as the authority's
financial year:

   (a)  within 12 months after the subsidiary becomes a subsidiary; or

   (b)  within 12 months after the commencement of this Act; whichever is
        later.

(2) If the annual accounting period of a subsidiary is already the same as the
authority's financial year, the directors must do whatever is necessary to
ensure that it continues to be the same.

(3) If this section is contravened, each director who:

   (a)  caused the contravention; or

   (b)  failed to take all reasonable steps to comply with this section, or
        secure compliance with this section; is guilty of an offence. Maximum
        penalty: 50 penalty units. Note 1: Chapter 2 of the Criminal Code sets
        out the general principles of criminal responsibility. Note 2:
        Section 4AA of the Crimes Act 1914 sets the current value of a penalty
        unit.