13C Financial reporting offences

(1)

Subsection (2) applies if—

(a)

the financial statements of a community trust—

(i)

are not completed and signed within the time specified in section 13; or

(ii)

fail to comply with an applicable financial reporting standard; or

(b)

a community trust fails to comply with section 13A or 13B (which relates to auditing and distribution and publication of financial statements).

(2)

Every trustee commits an offence and is liable on conviction to a fine not exceeding $50,000.

(3)

It is a defence to a trustee charged with an offence under this section in respect of a requirement referred to in subsection (1) if the trustee proves that—

(a)

the community trust took all reasonable and proper steps to ensure that the requirement would be complied with; or

(b)

the trustee took all reasonable steps to ensure that the requirement would be complied with; or

(c)

in the circumstances, the trustee could not reasonably have been expected to take steps to ensure that the requirement would be complied with.

Section 13C: inserted, on 1 April 2014, by section 125 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).