Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This section applies to a body corporate that spends an amount in a financial year (the reporting year ) that it received in that year or an earlier financial year:
(a) under a determination under subsection 35(2), (3) or (6); or
(b) under subsection 35(3) in accordance with an agreement mentioned in that subsection; or
(c) under subsection 35(4), but only if the Land Council concerned has advised, under subsection 35(4A), that the amount the body corporate received is an accountable amount; or
(d) under subsection 35(4B); or
(e) under subsection 35(11) in relation to an amount covered by paragraph (a), (b), (c) or (d) of this subsection; or
(f) under subsection 67B(6), but only if the Land Council concerned has advised, under subsection 67B(7), that the amount the body corporate received is an accountable amount.
(2) The body corporate must give the Land Council concerned:
(a) a copy of the financial statements that the body is required, under the law under which it is incorporated, to give in respect of the reporting year; and
(b) a written report setting out:
(i) the purpose for which that amount was spent (including details of any relevant project); and
(ii) each recipient of that amount; and
(iii) the amount paid to each recipient and the day or days the amount was paid.
(3) The body corporate must comply with subsection (2) within 30 days after the day by which it is required to give those financial statements.
Note: A body corporate's failure to do so may affect future payments to the body: see subsections 35(6A) to (6D) and section 35A.