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.