Co-operatives National Law (NSW)
295Financial year
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295 Financial year
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.