New Zealand Legislation: Acts

276 Accounts and statement of financial position

• (1) Every Maori incorporation shall cause to be kept proper books of account in which shall be kept full, true, and complete accounts of the affairs and transactions of the incorporation.

  (2) The committee of management of every Maori incorporation shall, within 18 months after the making of the order of incorporation, and subsequently at least once in every calendar year, submit to a general meeting of shareholders a statement of financial performance made up to a date not earlier than 6 months before the meeting, together with a statement of financial position as at the date to which the statement of financial performance is made up.

  (3) Every statement of financial position of a Maori incorporation shall, when read in conjunction with the statement required by paragraph (c) of subsection (4) of this section, give a true and fair view of the state of affairs of the incorporation as at the end of its financial year, and every statement of financial performance of an incorporation shall give a true and fair view of the profit or loss of the incorporation for the financial year.

  (4) The statement of financial performance shall be annexed to the statement of financial position, and there shall also be annexed or attached to the balance sheet—

  • (a) The auditor's report made pursuant to section 277 of this Act; and

  • (b) A report by the committee of management with respect to the state of the incorporation's affairs and the amount, if any, that it has determined is available for the purposes of section 259(1)(c) of this Act; and

  • (c) With respect to the assets of the incorporation, a statement setting forth the estimated current market value of the assets, together with a statement of the liabilities, if any, of the body corporate charged on or relating particularly to those assets.

  (5) Notwithstanding subsection (4)(c) of this section, where the statement of financial position is prepared on a basis that includes the information specified in that paragraph, no separate statement need be attached.

  (6) Where the assets of the incorporation include any interest in land, the current market value of that interest for the purposes of subsection (4)(c) of this section shall, if it is separately valued in the district valuation roll, be deemed to be the capital value of the interest as appearing on that roll.

  (7) The committee of management of a Maori incorporation must ensure that copies of the statement of financial position, statement of financial performance, and other documents are filed with the Registrar in whose court district the land is situated, for the purpose of public inspection, within 14 days after their submission to a general meeting of shareholders.

  (8) Copies filed under subsection (7) must be available for inspection by the public during the office hours of the Court on payment of the fee (if any) prescribed for that purpose.

  Compare: 1967 No 124 s 58

  Section 276 was amended, as from 1 October 1997, pursuant to section 6(1) Financial Reporting Amendment Act 1997 (1997 No 17) by substituting “statement of financial position” for “balance sheet” wherever it occurs.

  Section 276(1): amended, on 23 May 2008, by section 5 of Te Ture Whenua Maori Amendment Act 2008 (2008 No 35).

  Subsections (2), (3) and (4) were amended, as from 13 December 2006, by section 14 Te Ture Whenua Maori Amendment Act 2006/Maori Land Amendment Act 2006 (2006 No 76) by substituting “statement of financial performance” for “profit and loss account”.

  Subsection (7) was substituted, as from 1 July 2002, by section 39 Te Ture Whenua Maori Amendment Act 2002/Maori Land Amendment Act 2002 (2002 No 16).

  Subsection (8) was inserted, as from 1 July 2002, by section 39 Te Ture Whenua Maori Amendment Act 2002/Maori Land Amendment Act 2002 (2002 No 16).