300Annual appointment at annual general meeting of auditor of large co-operative to fill vacancy

#### 300 Annual appointment at annual general meeting of auditor of large co-operative to fill vacancy 300 Annual appointment at annual general meeting of auditor of large co-operative to fill vacancy > > (1) Large co-operative required to appoint auditor > > > > (cf Corporations Act s 327B (1)) > > > > A large co-operative must— > > > > > (a) appoint an auditor of the co-operative at its first annual general meeting; and > > > > > (b) appoint an auditor of the co-operative to fill any vacancy in the office of auditor at each subsequent annual general meeting. > > > > Maximum penalty—$2,500. > > > (2) Tenure of auditor > > > > (cf Corporations Act s 327B (2)) > > > > An auditor appointed under subsection (1) holds office until the auditor— > > > > > (a) dies; or > > > > > (b) is removed, or resigns, from office in accordance with section 310; or > > > > > (c) ceases to be capable of acting as auditor because of Division 2 of Part 2M.4 of the Corporations Act as applying under this Part; or > > > > > (d) ceases to be auditor under subsection (3), (4) or (5). > > > (3) Termination of appointment of individual auditor > > > > (cf Corporations Act s 327B (2A)) > > > > An individual auditor ceases to be auditor of a large co-operative under this subsection if— > > > > > (a) on a particular day (the start day), the individual auditor— > > > > > > > (i) informs the Registrar of a conflict of interest situation in relation to the co-operative under section 324CA (1A) of the Corporations Act as applying under this Part; or > > > > > > > (ii) informs the Registrar of particular circumstances in relation to the co-operative under section 324CE (1A) of the Corporations Act as applying under this Part; and > > > > > (b) the individual auditor does not give the Registrar a notice, before the notification day (see subsection (6)), that that conflict of interest situation has, or those circumstances have, ceased to exist before the end of the period (the remedial period) of 21 days, or such longer period as the Registrar approves in writing, from the start day. > > > (4) Termination of appointment of audit firm > > > > (cf Corporations Act s 327B (2B)) > > > > An audit firm ceases to be auditor of a large co-operative under this subsection if— > > > > > (a) on a particular day (the start day), the Registrar is— > > > > > > > (i) informed of a conflict of interest situation in relation to the co-operative under section 324CB (1A) of the Corporations Act as applying under this Part; or > > > > > > > (ii) informed of particular circumstances in relation to the co-operative under section 324CF (1A) of the Corporations Act as applying under this Part; and > > > > > (b) the Registrar has not been given a notice on behalf of the audit firm, before the notification day (see subsection (6)), that that conflict of interest situation has, or those circumstances have, ceased to exist before the end of the period (the remedial period) of 21 days, or such longer period as the Registrar approves in writing, from the start day. > > > (5) Termination of appointment of audit company > > > > (cf Corporations Act s 327B (2C)) > > > > An audit company ceases to be auditor of a large co-operative under this subsection if— > > > > > (a) on a particular day (the start day), the Registrar is— > > > > > > > (i) informed of a conflict of interest situation in relation to the co-operative under section 324CB (1A) or 324CC (1A) of the Corporations Act as applying under this Part; or > > > > > > > (ii) informed of particular circumstances in relation to the co-operative under section 324CF (1A) or 324CG (1A) or (5A) of the Corporations Act as applying under this Part; and > > > > > (b) the Registrar has not been given a notice on behalf of the audit company, before the notification day (see subsection (6)), that that conflict of interest situation has, or those circumstances have, ceased to exist before the end of the period (the remedial period) of 21 days, or such longer period as the Registrar approves in writing, from the start day. > > > (6) Meaning of notification day > > > > (cf Corporations Act s 327B (2D)) > > > > The notification day is— > > > > > (a) the last day of the remedial period; or > > > > > (b) such later day as the Registrar approves in writing (whether before or after the remedial period ends). > > > (7) Compliance with requirement to appoint auditor > > > > (cf Corporations Act s 327B (3)) > > > > A director of a large 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. > > > (8) Member of audit firm ceases to be auditor when firm ceases to be auditor > > > > (cf Corporations Act s 327B (4)) > > > > If an audit firm ceases to be the auditor of a large co-operative under subsection (2) at a particular time, each member of the firm who— > > > > > (a) is taken to have been appointed as an auditor of the co-operative under section 324AB (1) or 324AC (4) of the Corporations Act as applying under this Part; and > > > > > (b) is an auditor of the co-operative immediately before that time; > > > > ceases to be an auditor of the co-operative at that time.