Victorian Numbered Acts Victorian Numbered ActsFor sections 18 and 19 of the Principal Act substitute —
A Trust must cause to be kept proper books of account giving a true and complete account of the affairs and transactions of the Trust.
(1) A Trust must cause to be prepared—
(a) a balance-sheet as at the end of each financial year; and
(b) a profit and loss account in respect of each financial year.
(2) A balance-sheet must, when read in conjunction with a report by the committee of management under section 18B, give a true and fair view of the state of affairs of the Trust as at the end of the financial year.
(3) A profit and loss account must give a true and fair view of the profit or loss of the Trust for the financial year.
(4) A balance-sheet and profit and loss account prepared under subsection (1) must be audited by the auditor of the Trust.
The committee of management of a Trust must prepare for each financial year a report concerning the state of affairs of the Trust during that financial year, including—
(a) a statement of the amount (if any) which the committee has determined is available for distribution in the form of dividends; and
(b) with respect to the assets of the Trust, a statement setting out their estimated current market value and the liabilities charged on or relating particularly to those assets.
(1) A Trust must cause an audited balance-sheet and profit and loss account prepared under section 18A to be laid before the first annual general meeting of the Trust held after the end of the financial year to which the balance-sheet and profit and loss account relate.
(2) A Trust must cause to be annexed to the balance-sheet and profit and loss account laid before the annual general meeting of the Trust—
(a) a report by the committee of management prepared under section 18B; and
(b) a report by the auditor prepared under section 19A(1).
(3) A Trust must send a copy of the balance-sheet, profit and loss account and the reports by the committee of management and auditor annexed to those documents to all persons entitled to receive notice of general meetings of the Trust at least 14 days before the annual general meeting at which the documents are to be laid.
(1) A Trust must cause to be prepared a balance-sheet as at the end of the period 1 July to 31 December in any year and a profit and loss account in respect of that period.
(2) A Trust must cause to be prepared an interim financial report that includes—
(a) a balance-sheet and profit and loss account prepared under subsection (1); and
(b) a report by the committee of management concerning the state of affairs of the Trust and the financial activities of the Trust during the period to which the balance-sheet and profit and loss account relate.
(1) A Trust must cause to be prepared in respect of each 6 month period ending on 30 June or 31 December in any year a report on the economic and social wellbeing of the community of residents of—
(a) in the case of the Framlingham Trust, the Framlingham reserve; or
(b) in the case of the Lake Tyers Trust, the Lake Tyers Reserve.
(2) A report under subsection (1) must include any matters and comply with any requirements specified in a written notice issued by the Minister to the Trust.
(3) A report under subsection (1) and any information collected by the Trust for the purposes of preparing the report must not include personal information.
(1) Subject to subsection (2), a Trust must appoint a person to be the auditor of the Trust at an annual general meeting of the Trust.
(2) If an auditor has not been appointed at an annual general meeting within 3 months after a vacancy occurs in that office, the committee of management of the Trust must appoint a person to fill the vacancy.
(3) A person appointed as auditor—
(a) must be a registered company auditor; and
(b) must not be an officer or employee of the Trust.
(4) An auditor of a Trust holds office until the auditor—
(a) dies; or
(b) resigns from office in writing addressed to the Chairperson of the Trust; or
(c) ceases to be a registered company auditor; or
(d) is removed from office by a resolution, of which special notice is given, passed at a general meeting of the Trust.
(5) The Trust must pay any reasonable fees and expenses of the auditor.
(6) Nothing in this section affects the appointment of an auditor of a Trust holding office immediately before the commencement of the Aboriginal Lands Amendment Act 2013 .
(1) An auditor of a Trust must report in writing to the members of the Trust on—
(a) the accounts examined by the auditor; and
(b) any balance-sheet and profit and loss account prepared under section 18A.
(2) A report under subsection (1) must state—
(a) whether, in the auditor's opinion, the books of account and register of members required to be kept by the Trust have been properly kept; and
(b) whether, in the auditor's opinion, the balance-sheet, profit and loss account and the report of the committee of management prepared under section 18B give a true and fair view of the state of affairs of the Trust at the end of the financial year and of its activities during the financial year; and
(c) whether the auditor has obtained all the information and explanations that the auditor has required.
(3) An auditor of a Trust is entitled—
(a) to access to the records of the Trust; and
(b) to require from officers and employees of the Trust any information concerning, and explanation of, any matter that the auditor thinks fit; and
(c) to receive all notices relating to any general meeting of the Trust that members are entitled to receive; and
(d) to attend a general meeting; and
(e) to be heard at a general meeting on any part of the business of the meeting which concerns the auditor in the auditor's capacity as auditor.".