270Who 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.