287Consideration of reports at annual general meeting

287 Consideration of reports at annual general meeting

287 Consideration of reports at annual general meeting

(cf Corporations Act s 317)

(1) The directors of a co-operative that is required to hold an annual general meeting must lay before the annual general meeting—

(a) in the case of a large co-operative—

(i) the financial report; and

(ii) the directors’ report; and

(iii) the auditor’s report; or

(b) in the case of a small co-operative—the financial reports required under section 284;

for the last financial year that ended before the annual general meeting.

Note—

If the co-operative’s first annual general meeting is held before the end of its first financial year, there will be no reports to lay before the meeting.

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

(2) An offence based on subsection (1) is an offence of strict liability.