New South Wales Consolidated Regulations

COMMUNITY LAND MANAGEMENT REGULATION 2018 - REG 5

5 Accounting records: Schedule 1, clause 10

(1) For the purposes of clause 10 of Schedule 1 to the Act, the prescribed accounting records to be kept by an association are as follows--

(a) a receipt book,

(b) a passbook, a deposit book, or statement of deposits and withdrawals that are in chronological order, for the account of the association,

(c) a cash record,

(d) a levy register.

(2) The accounting records of an association (other than a receipt book) may be recorded or stored by mechanical, electronic or other means.

(3) Separate accounting records must be kept for the administrative fund, the sinking fund and any other fund in which money is held by the association.

(4) An association is guilty of an offence if it does not keep such records in accordance with the requirements of this Part.

Maximum penalty (subclause (4)): 5 penalty units.