286Member’s choices for annual financial information

286 Member’s choices for annual financial information

286 Member’s choices for annual financial information

(1) Member’s request

(cf Corporations Act s 316 (1))

A member may request the co-operative—

(a) not to send them the material required by section 284; or

(b) to send them a full financial report and the directors’ report and auditor’s report.

A request may be a standing request or for a particular financial year. The member is not entitled to a report for a financial year earlier than the one before the financial year in which the request is made.

(2) Time for complying with request

(cf Corporations Act s 316 (2))

The co-operative must comply with a request under subsection (1) (b)—

(a) within 7 days after the request is received; or

(b) by the deadline for reporting under section 285;

whichever is later.

(3) Reports to be sent free of charge

(cf Corporations Act s 316 (3))

When sending a full financial report, directors’ report and auditor’s report, the co-operative must do so free of charge unless the member has already received a copy of them free of charge.

(4) Strict liability

(cf Corporations Act s 316 (4))

An offence based on subsection (2) or (3) is an offence of strict liability.

Maximum penalty—$1,000 penalty units or imprisonment for 3 months, or both.