Co-operatives National Law Application Act 2013
Div 11Financial years and half-years
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Division 11 Financial years and half-years
295 Financial year (cf Corporations Act s 323D)
(1) The financial year of a co-operative ends on the day in each year that is provided for by the rules of the co-operative.
(2) The first financial year of a co-operative may extend from the date of its registration to a date not more than 18 months after its registration.
(3) On an amendment of the rules of a co-operative amending its financial year, the amendment may provide either:
(a) that the current financial year (as at the date of the amendment) is to be extended for not more than 6 months; or
(b) that the next financial year is to be a period of more than one year but not more than 18 months.
(4) Without limitation, the National Regulations may make provision for or with respect to requiring the adoption by a co-operative of the same financial year for each entity that the co-operative controls.
296 Half-year (cf Corporations Act s 323D (5))
A half-year for a co-operative is the first 6 months of a financial year, but the directors may determine that the half-year is to be shorter or longer (but not by more than 7 days).
Division 12 Auditors
Subdivision 1 General provisions relating to auditors
297 Application of Corporations Act—auditors
(1) A co-operative is declared to be an applied Corporations legislation matter for the purposes of the Corporations application legislation of this jurisdiction in relation to Divisions 1–5 of Part 2M.4 of the Corporations Act, subject to the following modifications:
(a) section 324BA in Division 2 of Part 2M.4 is to be read as if the words “Subject to section 324BD,” were omitted;
(b) section 324BD in Division 2 of Part 2M.4 is taken to be omitted;
(c) the modifications referred to in sections 13 (3) and 264 of this Law so far as they are relevant.
(2) A reference in the provisions of the Corporations Act as applying under this section to a registered company auditor is taken to be a reference to a registered company auditor within the meaning of the Corporations Act (and accordingly a reference in that term to a company is not a reference to a co-operative).