270Who has to prepare annual financial reports and directors’ reports

#### 270 Who has to prepare annual financial reports and directors’ reports 270 Who has to prepare annual financial reports and directors’ reports > > (1) Large co-operatives—requirement to prepare reports in accordance with this Part > > > > (cf Corporations Act s 292 (1)) > > > > A large co-operative must prepare a financial report and a directors’ report in accordance with this Part for each financial year. > > > (2) Small co-operatives—requirement to prepare reports if directed to do so > > > > (cf Corporations Act s 292 (2)) > > > > A small co-operative must prepare a financial report and a directors’ report if and as directed under section 271 or 272. > > > (3) Small co-operatives—where no direction A small co-operative that is not the subject of a direction under either section 271 or 272— > > > > > (a) is not required to prepare reports in accordance with this Part; and > > > > > (b) must comply with the requirements (if any) of the National Regulations regarding the preparation and provision of reports to members. > > Note— > > The rules of a co-operative may provide for the preparation of financial reports that would be additional to those required by the National Regulations.