New Zealand Legislation: Acts

25 Annual report and statements

• (1) As soon as is practicable after the end of a financial year during which a levy has been paid to an industry organisation under a levy order, the organisation shall prepare in respect of the year—

  • (a) Statements (relating only to money paid to the organisation under the order as levy, and assets acquired or built up with or out of, or by virtue of spending, money paid under the order as levy) of the organisation's financial position at the end of the year; and

  • (b) Statements of the organisation's receipt and expenditure of money paid as levy under the order; and

  • (c) All other statements necessary to show fully—

    • (i) The organisation's financial position as aforesaid; and

    • (ii) The financial results of all of the organisation's activities involving the use of money paid to the organisation under the order as levy, or the use of assets acquired or built up with or out of, or by virtue of spending, money paid under the order as levy;—

  and the organisation shall ensure that the statements are audited within 90 days of the end of the year.

  (2) Notwithstanding any enactment to the contrary, an industry organisation that is required by subsection (1) of this section to prepare statements in respect of any year shall include them in its annual report for that year.

  (3) Subject to subsection (4) of this section, an industry organisation that is required by subsection (2) of this section to include statements in its annual report shall, as soon as the report has been completed, give a Minister a copy; and the Minister shall table it in the House of Representatives not later than 6 sitting days after receiving it.

  (4) Where an enactment other than this Act—

  • (a) Requires an industry organisation to give a Minister a copy of its annual report; and

  • (b) Requires the Minister to table it in the House of Representatives,—

  the organisation shall, to the extent that the enactment and subsection (3) of this section impose different requirements, comply with that enactment and not that subsection.

  (5) An industry organisation that is required by subsection (2) of this section to include statements in its annual report shall take all reasonable steps to ensure that all persons primarily liable for paying the levy to which the statements (or any of them) relate receive a copy—

  • (a) As soon as is reasonably practicable after the report has been completed; and

  • (b) Whether or not they are members of the organisation.