299Initial appointment of auditor of large co-operative

#### 299 Initial appointment of auditor of large co-operative 299 Initial appointment of auditor of large co-operative (cf Corporations Act s 327A) > > (1) The directors of a large co-operative must appoint an auditor of the co-operative within one month after the day on which it is registered as a co-operative unless the co-operative at a general meeting has appointed an auditor. > > > (2) Subject to this Part, an auditor appointed under subsection (1) holds office until the co-operative’s first annual general meeting. > > > (3) A director of a co-operative must take all reasonable steps to comply with, or to secure compliance with, subsection (1). > > Maximum penalty—$2,500 or imprisonment for 6 months, or both.