South Australian Current Acts

STRATA TITLES ACT 1988 - SECT 40

40—Record keeping

        (1)         A strata corporation must—

            (a)         keep—

                  (i)         a minute book containing minutes of its meetings; and

                  (ii)         proper accounting records in respect of its receipts and expenditure;

            (b)         ensure that a proper statement of accounts is prepared in respect of each accounting period;

            (c)         keep a record of any notice or order served on the corporation;

            (d)         retain for such period as may be prescribed—

                  (i)         the minute book and accounting records kept under paragraph (a);

                  (ii)         a copy of any statement of account prepared under paragraph (b);

                  (iii)         any notice or order referred to in paragraph (c);

                  (iv)         a copy of any correspondence received or sent by the corporation;

                  (v)         notices of meetings of the corporation and its management committee;

                  (vi)         such other documentary material as may be prescribed.

        (2)         An accounting period for a strata corporation is—

            (a)         a period—

                  (i)         commencing on the commencement of this Act, the date of incorporation of the corporation or the end of a previous accounting period (whichever is the later); and

                  (ii)         ending on the following 30 June; or

            (b)         a period of not less than 9 months and not more than 18 months fixed by the corporation as an accounting period (but the corporation's accounting periods must be consecutive, following immediately one upon the other).